Biden Expected To Name Fed Vice Chair Lael Brainard As Next Top Economic Adviser: Report

President Joe Biden is reportedly anticipated to name Federal Reserve Vice Chair Lael Brainard to the White House’s top economic policy position as early as Tuesday.

Brainard would replace White House National Economic Council Director Brian Deese, who has put forward his resignation, reported Reuters, citing a source familiar with the matter.

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Brainard is a Harvard-educated Democrat who has been at the central bank for almost a decade and served as Treasury’s top international affairs expert under President Barack Obama, the report said.

Brainard has been considered one of the central bank's most dovish members, according to a Bloomberg report.

While the Fed has been unified in its intent to quickly hike interest rates to rein in inflation, Brainard indicated recently this goal might be achieved without too much damage to employment, the report said.

Other Appointment: At the same time, the President's confidant Jared Bernstein is likely to replace Cecilia Rouse as chair of the Council of Economic Advisers, the report said citing a source.

The next NEC director and CEA chair will help shape the administration’s economic policy, from executive orders to congressional spending bills and raising the debt limit.

The appointments come at a time when the economy is facing a potential recession in the wake of continuous rate hikes by the Federal Reserve in its bid to tackle decades-high inflation.

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