Biden announces key changes to economic policy team
Yesterday, President Joe Biden announced staff changes for the White House’s top economic policy team. Federal Reserve Vice Chair Lael Brainard will resign from her post next week to lead the President’s National Economic Council (NEC), an influential policy office inside the West Wing. Biden also announced his nomination for longtime adviser Jared Bernstein to become the next chair of the Council of Economic Advisers.
While Brainard will not face Senate confirmation for her new role as NEC Director, Bernstein will undergo the full Senate confirmation process prior to commencing his role as the president’s chief economist.
Of note, Brainard’s new position as NEC director will create a vacancy at the Fed amid its longstanding inflation battle. Biden will need to nominate a candidate to fill the central bank’s vacancy that will be subject to the full Senate confirmation process.
In her resignation letter, effective Feb. 20, Brainard noted, “Our economy has faced historic challenges over the nine years I have worked at the Federal Reserve Board, and I have been proud to work on behalf of all Americans to promote price stability and maximum employment, as well as a strong and resilient financial system.”
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