Biden picks Fed official to become National Economic Council director
WASHINGTON >> President Joe Biden has selected Lael Brainard, the vice chair of the Federal Reserve, to direct the National Economic Council, according to people familiar with the decision.
He is also expected to tap Jared Bernstein, a longtime member of his inner circle dating back to Biden's tenure as vice president, to be the next chair of the White House Council of Economic Advisers. Bernstein is currently a member of the council.
Brainard, whom Biden previously considered appointing as Treasury secretary and Fed chair, will replace Brian Deese, who is stepping down this month after two years as the president's top economic adviser. She joins Biden's economic team as his administration is shifting its focus from passing legislation to carrying out the multitrilliondollar economic agenda that Biden signed into law in his first two years in office.
The move adds another seasoned policy expert to Biden's close circle of aides, but it could create headaches for him at the Fed, including a potentially bitter fight in the Senate to confirm Brainard's replacement as vice chair. Bernstein, whose role requires Senate confirmation, would succeed Cecilia Rouse, the current chair, who is departing to return to her faculty position at Princeton University. Bernstein would almost certainly become the most outspoken supporter of labor unions to ever helm the council, and he would continue to serve as an economic sounding board for a president who relies on a small — and typically longserving — circle of aides for policy advice.
The move would also give