Brainard reportedly moving from the Fed to head National Economic Council

Vice seat of the United States Federal Reserve Board Lael Brainard has been chosen to beryllium the manager of the National Economic Council, making her President Joe Biden’s apical economical adviser, according to media reports. In her caller position, Brainard volition oversee the implementation of the Biden administration’s multibillion-dollar economical docket that includes the Bipartisan Infrastructure Law and the CHIPS and Science Act.

Brainard volition regenerate Brian Deese, who is expected to permission that presumption earlier the extremity of the month. Her assignment comes arsenic the Biden medication is facing challenging economical conditions, with a looming indebtedness bounds and the Fed struggling to rein successful inflation. Brainard was considered an ostentation “dove” astatine the Fed, advocating for moderation arsenic the Fed raised involvement rates.

Biden’s picking Fed Vice Chair Lael Brainard arsenic his adjacent National Economic Council director, per ⁦@KateDavidson⁩, ⁦@JenniferJJacobs⁩ and me. And Jared Bernstein is poised to instrumentality the helm of the CEA. Announcement(s) arsenic soon arsenic Tuesday. https://t.co/u4O7FCcwxW

— Josh Wingrove (@josh_wingrove) February 14, 2023

Brainard joined the Fed successful 2014 and was confirmed successful the 2nd spot connected the committee successful April aft weeks of partisan hold tactics. Her word connected the Fed would person tally until 2026. Brainard was reportedly considered for the Fed chairmanship and arsenic treasury caput arsenic well.

Related: Fed vice seat Brainard urges faster crypto regulation, touts relation for stablecoin

Brainard has supported probe connected a U.S. cardinal slope integer currency (CBDC) and stablecoin regulation. She said successful a prepared statement up of a House of Representatives Financial Services Committee proceeding connected CBDC successful May:

“In immoderate aboriginal circumstances, CBDC could coexist with and beryllium complementary to stablecoins and commercialized slope wealth by providing a harmless cardinal slope liability successful the integer fiscal ecosystem.”

Her grounds astatine that proceeding impressed Republican lawmakers to the grade that 24 Republican members of the committee subsequently questioned her astir whether the Fed is seeking to “curtail the usage of integer assets and different backstage assemblage innovative outgo methods” done the instauration of a CBDC.