U.S. President Joe Biden is expected to make significant changes to his economic team, with Federal Reserve Vice Chair Lael Brainard expected to be appointed as the White House’s top economic policy adviser.
The appointment is likely to be made as early as Tuesday, Reuters reported citing a source. Brainard will take over from Brian Deese, who has resigned from his post as Director of the White House National Economic Council.
Jared Bernstein, who is pretty close to Biden, is also expected to take over as chair of the Council of Economic Advisers, replacing Cecilia Rouse, who has announced her departure. The White House has not commented on the matter.
The reshuffling of Biden’s economic team comes as the U.S. Federal Reserve continues to raise interest rates, while the labor market remains tight. This has raised the prospect of an unusual recession without significant job losses. The next NEC director and CEA chair will play a crucial role in shaping the economic policies of the Democratic Biden administration, from executive orders to congressional spending bills and raising the debt limit.
The appointment of Brainard is significant, given her nearly decade-long tenure with the Federal Reserve. She has also previously served as Treasury’s top international affairs specialist under President Barack Obama and as an economic adviser to President Bill Clinton. Her appointment is expected to bring a “wealth of experience” to the White House’s economic policy team.
The expected appointment of Lael Brainard and Jared Bernstein as the top economic policy advisers in the White House represents a significant change to Biden’s economic team. With the U.S. Federal Reserve continuing to raise interest rates, the next NEC director and CEA chair could play an important role in shaping the economic policies of the Biden administration.
