Biden taps Fed’s Lael Brainard for vice chair: What to know
Jerome Powell will helm the Federal Reserve for a second term
Biden taps Powell for new term as Fed chairman
President Biden nominates Jerome Powell for a second term and Federal Reserve chairman. UBS managing director Jason Katz weighs in.
President Biden has tapped both Jerome Powell and Lael Brainard for leadership roles at the Federal Reserve.
Powell will serve a second term as chair of the Fed, while Brainard will slide into the role of vice-chair.
She was considered a front-runner for Powell's job, which would have made her the second woman to head the U.S. central bank, succeeding Janet Yellen, who was the first.
Jerome Powell and Lael Brainard (Getty Images)
BIDEN SAYS FED CHAIR ANNOUNCEMENT COMING IN 'ABOUT 4 DAYS'
As an American economist, Brainard has served on the Federal Reserve Board of Governors since 2014.
Prior to that, in 2009, Brainard served as counselor to the secretary of the treasury. A year later, she began as the undersecretary of the U.S. Department of the Treasury, which she served from 2010-2013. During this time, she received the Alexander Hamilton Award for her service.
YELLEN WARNS FEDERAL DEBT CEILING WILL BE REACHED BY DEC. 15
She currently serves as administrative governor and chair of four committees: financial stability, federal reserve bank affairs, consumer and community affairs, and lastly, payments, clearing and statements.
FOX Business takes a look at Brainard's other career highlights, which include her popularity among progressives who have been pushing to address climate change and for more financial regulations.
BRAINARD'S UPBRINGING
1. Brainard was born in Hamburg, Germany. As the daughter of an American diplomat, she spent most of her childhood in West Germany and Poland.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
COLLEGE AND BEYOND
2. Brainard attended Wesleyan University, receiving a bachelor of arts degree with university honors in 1983. In 1989, she received her Master's and a Ph.D. in economics from Harvard University, where she was awarded a National Science Foundation Fellowship.
FEDERAL RESERVE & GOVERNMENT CAREER
3. Brainard has served under three United States Presidents: Obama, Trump and Biden, as a member of the Federal Reserve Board of Governors.
Before taking on that role, she joined the Clinton administration in 1997 as deputy national economic adviser and deputy assistant to President Clinton. Under Clinton, she worked as the White House staff coordinator for APEC, was responsible for the G7/G8 Jobs Conferences and accompanied Clinton on his many meetings with world leaders.
G20 LEADERS FIND AGREEMENT ON GLOBAL TAX DEAL
In 2010, she was sworn in as the undersecretary of the treasury for international affairs at the Department of the Treasury under Obama. In this role, she covered the euro area crisis and currency relations with China.
In 2014, Brainard was nominated to the Federal Reserve Board of Governors alongside Stanley Fischer and Jerome Powell. Following confirmation, she was sworn in by Fed Chair Yellen, beginning her 14-year term.
She is both a recipient of a White House Fellowship and a Council on Foreign Relations International Affairs Fellowship for her service.
CLICK HERE TO READ MORE ON FOX BUSINESS
MCKINSEY & MIT
4. Besides her government involvement, Brainard has also worked in the private sector. She started her career working in management consulting at McKinsey & Company, where she advised corporate clients.
She also served as an assistant and associate professor of applied economics at the Massachusetts Institute of Technology’s Sloan School of Management from 1990-1996. Her publications there had a significant impact on trade, jobs and offshore production as well as unemployment and trade policy.
Later, from 2001-2008, she worked to address global economic challenges as vice president and director of the Global Economy and Development Program and Bernard L. Schwartz chair at the Brookings Institution.
DEMOCRATS' POLICIES WILL LEAD TO REPEAT OF 'EUROPE'S ENERGY CRISIS,' BARRASSO REPORT WARNS
THE AUTHOR
5. Lastly, she is an editor and co-editor for numerous books covering climate change and global poverty, economic challenges and the private sector. She has also published a variety of articles covering economic issues.
Brainard’s views on inflation and interest rates are very similar to Powell’s; therefore, many expected similar policies regardless of who won the chair nomination.