Who Is President Biden’s Choice Lyle Brainard for Fed’s Vice President?

Written by admin

Who Is President Biden’s Choice Lyle Brainard for Fed’s Vice President?

Federal Reserve governors since 2014 Lyle Brainard, Jerome H. Powell was in the mix to potentially replace him as Fed chairman, but President Biden’s decision to elevate him to the Fed’s No. Bank.

If confirmed as vice president, Ms. Brainard will replace Janet L. in the Fed’s 108-year history. She will be the third woman to play the role after Yellen and Alice Rivlin. His term will begin in February 2022, following the departure of current Vice President Richard Clarida.

Ms. Brainard may not be a household name, but she has been a player in Washington’s political circles for years, including serving in a top role at the Treasury Department during the Obama administration.

Here’s a look at who Ms. Brainard is and why Mr. Biden chose her for the top spot at the Fed.

Ms. Brainard, a Democrat, began her career in policymaking in the 1990s. During the Obama administration, Ms. Brainard served as the Under Secretary of the Treasury for International Affairs, earning a reputation as a perfectionist. In the department, she tried to pressure China to allow market forces to guide its currency and worked to persuade Europe to embark on a more ambitious economic hedge during its debt crisis.

Ms. Brainard also served as deputy national economic adviser to former President Bill Clinton. From 1990 to 1996, Ms. Brainard was an assistant and associate professor of applied economics at the Massachusetts Institute of Technology.

See also  Partnership between Afghanistan and America will continue: Biden

The daughter of a Foreign Service officer during the Cold War, Ms. Brainard was raised in communist Poland and Germany before reunification. He earned his doctorate in economics at Harvard University.

Mr Powell, whom Mr Biden nominated for a second term as Fed chairman on Monday, has often praised Brainard’s wisdom in private conversations and has installed her in key roles at the Fed, including helping to prepare her. Involves tapping to play a leading role. and overseeing the Fed’s emergency loan programs.

In January, Ms Brainard was seen as a leading contender to be Mr Biden’s Treasury secretary, a position that had gone to Ms Yellen.

2 role at the Fed, officially holds little power, but the vice chair generally floats new ideas in speeches and helps advise the Fed Chair’s thinking on policy issues.

Although Ms. Brainard is already part of Mr. Powell’s inner circle of advisers, her new role will make her Mr. Powell’s closest ally on monetary policy issues.

Both Mr. Powell and Ms. Brainard have been cautious of reacting too quickly to inflation by raising interest rates. But they have said they are watching price changes carefully to ensure that high inflation is not long-lasting.

She has also been supportive of the Fed’s approach to slowing its bond-buying program, which was put in place during the pandemic to support markets and keep money flowing through the economy. Some Fed officials have insisted on a sharp “cone” looking at inflation, but Ms. Brainard has not suggested that she wants to deviate from the course the Fed outlined in its last policy meeting.

See also  General Mille Beck at the center of a political battle

Ms. Brainard has been vocal on a number of issues, including the need for the Fed to play a more active role in climate-related issues to ensure that the financial system is prepared for the potential fallout from climate change. She has also pushed back against recent moves by the Fed to loosen some post-financial crisis bank rules, including voting against rules changes and issuing edgy dissent critics of the Fed’s approach.

Her new role could put her in a stronger position to influence those subjects.

In his statement announcing his nomination, Mr Biden pointed to climate change and financial regulation as areas where he expected both Ms. Brainard and Mr. Powell to play a strong role, saying “they are my deepest interests”. We also share the belief that urgent action is needed to address the economic risks posed by climate change, and stay ahead of emerging risks in our financial system.”

#President #Bidens #Choice #Lyle #Brainard #Feds #Vice #President

About the author


Leave a Comment

%d bloggers like this: