WASHINGTON, D.C. — President Joe Biden today announced he will appoint Lael Brainard to head the National Economic Council (NEC). Brainard, who currently serves as the Vice-Chair of the Federal Reserve, will replace Brian Deese as the head of the council. Bartlett Naylor, financial policy advocate at Public Citizen, issued the following statement:
“In Gov. Brainard, President Biden has selected a seasoned, politically savvy, accomplished economist to lead the NEC. Her leadership on monetary policy, improving the implementation of the Community Reinvestment Act, and addressing climate-related risk are examples of why Brainard will be missed at the Federal Reserve.
“Now we look to her to help the administration deal with the challenges we face from the Congressionally manufactured debt-limit crisis, as well as to make real the important commitments the President made to rein in Big Tech in his State of the Union address, grapple with the challenges of out-of-control executive compensation, and advance economic policy for everyday Americans, not giant corporations.
“The position of NEC chair has been influential in crafting administration positions on global trade policy. We hope to see Brainard follow President Biden’s footsteps in eschewing the corporate trade agenda of the past and fighting for worker-centered trade.
“We encourage the administration to continue its efforts to diversify the leadership of the Federal Reserve Board of Governors both when filling the newly vacant seat and by nominating Dr. Lisa Cook to replace Brainard as Vice Chair. Dr. Cook was nominated and confirmed to the Board in 2022. Appointing her as Vice Chair would elevate a voice who has long focused on employment and equity at this critical time for both issues.”
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