Biden will appoint Lael Brainard, a top official at the Federal Reserve, to lead the White House economic team as director of the National Economic Council, according to two people familiar with the matter.
He will also name Jared Bernstein, who serves as a member of the White House Council of Economic Advisers and was Biden’s top economics aide during the Obama administration, as that group’s chair, according to two people familiar with that decision.
The elevation of Brainard and Bernstein comes as the Biden administration prepares for potentially grueling negotiations with congressional Republicans over the nation’s borrowing limit and as the economy struggles to curb inflation, with a new report on prices set for release on Tuesday.Both Brainard and Bernstein have for weeks been considered the front-runners for their respective posts. The No.
Brainard has been at the Fed since 2014, and her appointment is expected to be cheered by liberals who have supported her tough stance on Wall Street and her focus on the economic impact of climate change. Brainard is a Harvard-educated economist and taught at the Massachusetts Institute of Technology before serving in senior roles across federal economic institutions, including the Fed, NEC and Treasury Department.
Republicans are likely to tie both Brainard and Bernstein to inflation, which they have blamed on Biden. Brainard was at the central bank as it maintained low interest rates despite signs of an overheating economy, while Bernstein was in the administration as it approved a $1.9 trillion stimulus plan in 2021 that critics say exacerbated inflation.
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