Senate Confirms Biden Picked Lael Brainard as Fed Banking Chief

The Senate on Tuesday confirmed Lael Brainard as vice chairman of the Federal Reserve Board on Tuesday in a 52-43 vote.

The big picture: Brainard, a Democrat, has served on the board of directors of the Fed since 2014. She previously served in the Treasury Department during the Obama administration.

  • Brainard’s confirmation is unlikely to change the Fed’s interest rate policy plans in the near future, as she once served as a top lieutenant to Fed Chairman Jerome Powell. Wall Street Journal ratings.

Details: Brainard, who served as the Treasury’s undersecretary for international affairs from 2010 to 2013, often weighs geopolitics and international developments in his reflection on Fed policy.

  • She advocated for federal regulators to increase risk oversight of digital currencies in the past and mentioned the possibility of developing a Fed-issued digital dollar.
  • “It’s critical that policymakers, including the Federal Reserve, plan for the future of the payments system and consider the full range of options to realize the potential benefits of new technologies, while preserving stability,” he said. she declared. said in a February speech at the 2022 U.S. Monetary Policy Forum.
  • She also noted in an April speech that the Fed is ready to take “stronger action” to reduce inflation to improve the quality of life, especially for low-income families.
  • Brainard previously served as deputy national economic adviser and deputy aide to former President Clinton and taught applied economics at the Sloan School of Management at the Massachusetts Institute of Technology from 1990 to 1996.