Biden announces new economic team led by Lael Brainard of the Federal Reserve

President Joe Biden on Tuesday reshuffled his economic team, naming Lael Brainard of the Federal Reserve as his top adviser on inflation and the broader economy.

© Provided by NBC News

Brainard’s appointment as director of the National Economic Council comes shortly after the White House announced that Brian Deese would be stepping down from the position he’s held since Biden took office.

Brainard has been a member of the Fed’s Board of Governors since 2014; last year she became vice chair.

In her new role, Brainard will be tasked with helping Biden implement key elements of his economic agenda, which in his first two years as president included pandemic relief, infrastructure, computer chip manufacturing and tax, climate and health care bills.

She’s also likely to be involved in the White House’s discussion with House Speaker Kevin McCarthy, R-Calif., over the debt ceiling, with Republican lawmakers pressing for possible spending cuts.

Biden accuses some Republicans of wanting to ‘take the economy hostage’

What to watch next


Brainard came close to serving in the Biden administration when her name was floated in 2020 as a possible Treasury secretary as he assembled his cabinet. Biden instead nominated Janet Yellen.


Load Error

In a statement Tuesday, Biden praised Brainard for her “extraordinary depth of domestic and international economic expertise,” highlighting her previous work at the Council of Economic Advisers, National Economic Council, and the Treasury Department.

“She is a trusted veteran across our economic institutions, and understands how the economy affects everyday people,” Biden said.

The White House also said that Biden planned to nominate Jared Bernstein as chair of the Council of Economic Advisers. Cecilia Rouse, the current head of the council, confirmed to MSNBC’S José Díaz-Balart on Tuesday that she is leaving her post and returning to teaching at Princeton University in the spring. Her departure was first reported by Reuters.

The personnel announcements come amid a mixed economic picture. While Biden has touted historically low unemployment that fell to 3.4% in January, the lowest the nation has seen since 1969, he faces ongoing GOP criticism over inflation.

A government report released Tuesday showed that consumer prices increased at an annual rate of 6.4% in January — a slight slowdown from the 6.5% pace in December but above analysts’ predictions of 6.2%.

This article was originally published on

Continue Reading