Lael Brainard, who has been nominated as vice chair of the Federal Reserve, has been a mainstay in Democratic policy circles since joining the administration of former President Bill Clinton in the 1990s, including stints running a global economics program at the Brookings Institution and as former President Barack Obama's top Treasury liaison for international affairs.
But it is as a Federal Reserve governor the last seven years that she has come into her own as a policymaker, with broad influence over central bank affairs from monetary policy to financial regulation, climate change and the Fed's relationship with less well-off communities.
When she did it marked a turning point in what was then an intense Fed debate over when to raise interest rates for the first time since the 2007 to 2009 financial crisis and recession. The Fed seemed poised to act, but Brainard's inaugural policy speech in June 2015 crystallized the case for waiting as global economic data weakened and, she argued, posed risks for the United States as well.
She pushed for that as the Fed steered toward a new framework that put more emphasis on jobs, at one point acknowledging that some of the rate increases she voted for under then Chair Janet Yellen were probably ill-advised.
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