President Joe Biden announced his nomination of Federal Reserve Vice Chair Lael Brainard for director of the National Economic Council (NEC).
Brainard announced her resignation from the Fed role the same day the nomination to the NEC was announced.
“Lael has brought formidable talent and superb results to everything she has done at the Federal Reserve,” Fed Chair Jerome Powell said. “That lengthy list includes her thought leadership on monetary policy and economic research, her stewardship of financial stability and the payments system, strengthening the financial system both domestically and globally, and helping to manage the immense operational agency challenges during the pandemic. My colleagues and I will truly miss her.”
Brainard was nominated to the Federal Reserve board of governors by President Barack Obama and then re-nominated as vice chair by President Joe Biden. During her time on the board, she chaired multiple committees, including the Committee on Financial Stability, the Committee on Economic and Monetary Affairs, the Committee on Payments, Clearing, and Settlement, and the Committee on Board Affairs, among others. She also served as chair of the Federal Open Market Committee’s communication subcommittee.
Before her time at the Fed, Brainard served as undersecretary of the U.S. Department of the Treasury and counselor to the Secretary of the Treasury, where she received the Alexander Hamilton Award. She also previously served as vice president and the founding director of the Global Economy and Development Program at the Brookings Institution.
“Lael, one of the country’s leading macroeconomists, brings an extraordinary depth of domestic and international economic expertise,” Biden said in a statement accompanying the announcement. “She is a trusted veteran across our economic institutions, and understands how the economy affects everyday people.”