Lael Brainard (born January 1, 1962) is an American economist serving as the 22nd Vice Chair of the Federal Reserve since May 23, 2022. Prior to her term as vice chair, Brainard served as a member of the Federal Reserve Board of Governors since 2014.
White House likely to tap Brainard, Bernstein as top economic advisors, sources say
Brainard and Bernstein will have key roles in shaping Biden's economic policy and the choices are expected to be announced as soon as next week.
CNBC on MSN.com
3 days ago
Jun 8, 2022 · Lael Brainard took office as the Vice Chair of the Board of Governors of the Federal Reserve System on May 23, 2022, for a four-year term. Dr. Brainard has served as a member of the Board of Governors of the Federal Reserve System since taking office on June 16, 2014, to fill an unexpired term ending January 31, 2026.
Nov 22, 2021 · President Joe Biden’s decision to nominate Lael Brainard as Fed vice chair is thought to be in part the work of progressives, who say she’ll emphasize climate change and equitability. In tapping...
- Lael Brainard is the vice chair of the Federal Reserve Board
- Early Life and Education
- Notable Accomplishments
- The Bottom Line
- How is the vice chair of the Federal Reserve Board selected?
- What are the responsibilities of the Federal Reserve chair?
- What does it mean to describe an economic policymaker as dovish?
Lael Brainard serves as the Fed vice chair, having been confirmed by the U.S. Senate on April 26, 2022.
She had been mentioned as a leading candidate to replace Jerome Powell as Fed chair.
Brainard has held a variety of federal posts under Presidents Bill Clinton and Barack Obama.
Prior to that, she was a consultant at McKinsey & Co. and an economics professor at the Massachusetts Institute of Technology’s (MIT) Sloan School of Management.
The child of an American diplomat, Brainard grew up in East Germany and Poland during the Cold War. She received a B.A. with university honors from Wesleyan University in 1983. She received an M.S. and a Ph.D. in economics in 1989 from Harvard University. She was awarded a National Science Foundation Fellowship and a White House Fellowship.
Prior to joining the FRB, Brainard was undersecretary of the U.S. Department of the Treasury from 2010 to 2013 and counselor to the secretary of the Treasury in 2009. During this time, she also was the U.S. representative to the Group of 20 (G-20) Finance Deputies and the Group of Seven (G-7) Deputies, and she was a member of the Financial Stability Board. She received the Alexander Hamilton Award for her service.
The Group of Seven (G-7) became the Group of Eight (G-8) in 1998, when Russia joined the United States, the United Kingdom, Germany, France, Japan, Italy, and Canada as a member of this association of leading developed nations. However, Russia was suspended in 2014 after annexing the Crimean peninsula from Ukraine, making the association effectively the G-7 once again.
Now that Brainard has been confirmed by the U.S. Senate as the Fed's vice chair, it remains to be seen how much additional influence on policy she may have. Brainard is seen as being more dovish than Powell, less concerned about inflation, and less likely to support an increase in interest rates. She also is expected to be tougher on bank regulatio...
The President of the United States nominates a vice chair from among the members of the Federal Reserve Board. The nomination is subject to confirmation by the Senate, and the vice chair serves for a term of four years. 5
The chair of the Federal Reserve Board serves as the public face of the Federal Reserve Bank. The chair is the active executive officer of the Federal Reserve Board. The chair's main responsibility is to carry out the mandate of the Fed, which is to promote the goals of maximum employment, stable prices, and moderate long-term interest rates. 6
A dove is an economic policy advisor who promotes monetary policies that usually involve low interest rates. Doves tend to support low interest rates and expansionary monetary policy because they value indicators like low unemployment over keeping inflation low. If an economist suggests that inflation has few negative effects or calls for quantitative easing, then they are called a dove or labeled as dovish.
Who Is Ben Bernanke? Why Is He Important?
2 days ago · The White House will likely tap Lael Brainard and Jared Bernstein to lead the National Economic Council and Council of Economic Advisers, respectively, sources told CNBC. Both officials would...
Nov 22, 2021 · Nov. 22, 2021 Lael Brainard, a Federal Reserve governor since 2014, was in the mix to potentially replace Jerome H. Powell as Fed chair, but President Biden’s decision to elevate her to the Fed’s...