President Joe Biden is expected to name Federal Reserve Vice Chair Lael Brainard to lead economic policy-making at the White House, according to reports.
Brainard will replace outgoing White House National Economic Council Director Brian Deese, moving to the White House from the independent central bank as it fights to lower inflation. Deese announced his departure earlier this month.
Biden plans to announce Brainard’s move along with the appointment of longtime economic adviser Jared Bernstein to lead the White House Council of Economic Advisers on Tuesday.
BIDEN SAYS ‘MORE WORK TO DO’ AMID SHAKY INFLATION REPORT
Bernstein will replace CEA Chair Cecilia Rouse, whom the White House confirmed would return to her academic post. Bloomberg first reported the appointments.
The White House did not respond to a request for comment.
The appointments come as the White House prepares for an extended fight with Capitol Hill lawmakers over the debt limit and as Biden eyes an expected reelection bid in 2024.
Republicans oppose raising the debt ceiling without spending cuts, while the White House is urging a debt ceiling vote before any negotiations over spending.
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Polls show Biden has struggled to find a persuasive economic message despite a strong job market, low jobless claims, and Congress passing several key legislative priorities for the White House during the president’s first two years in office.
In a statement on the latest inflation report Tuesday, Biden said there was “more work to do” to bring down inflation.
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Tags: Economy, News, Biden Administration, Joe Biden, Federal Reserve, White House
Original Author: Katherine Doyle
Original Location: Biden expected to name Federal Reserve’s Lael Brainard as top economic adviser