The Vice Chairman of the Federal Reserve, Lael Brainard, has been tapped to lead the National Economic Council by Joe Biden. The White House has also tapped Jared Bernstein to lead the Council of Economic Advisors. These two positions have a significant role in the making of U.S Economic Policies. This is considered critical as the United States is currently experiencing high inflation persistently.
These announcements are considered to be in a series of staff shake-ups of the administration. Biden is looking forward to the upcoming election bid. Staff from various White House positions are stepping down recently. This started with Jeff Zients replacing Ron Klain from the position of White House’s Chief of Staff. Brain Deese, the current NEC director, will also leave the position on Friday. The White House Communication Director, Kate Bedingfield, has also announced her departure at the end of the month.
Biden gave a statement about his Economic Vision. He said that he trusts Cecilia Rouse and Brian Deese and relies on them to design the Economic Agenda. He further said that the US owes them a debt of gratitude for their service. In this transition phase of the White House, new leaders will serve the Economic Vision and help to complete the job.
Bernard and Bernstein were considered for this position, according to the reports of CNBC, which was released earlier this month. The report said Bernard was the top contender among the others for the job.
This pair has a huge responsibility over them and will have a huge influence on the Economic Policies of the United States. In these tricky times where unemployment is near 54 years low, GDP data has grown in a robust manner. But inflation is at its highest point in 4 decades, and the interest rate hikes are very rapid to contain consumer prices. The rates were raised eight times by the Federal Reserve over the last year. The rates are increased, setting the benchmark limits from 0 percent a year ago to the range of 4.5% to 4.75%, the highest since October 2007.
Biden called Brainard one of the country’s leading microeconomist during the announcement of the statement.
He said she is a highly trustworthy veteran across economic Institutes and knows how the economy have an impact on everyday people.Brainard, along with Joe Biden, will lead the negotiations with House Republicans and fight with the US debt ceiling later this year.
With a knack for storytelling, Steve founded Lone Tree Voice about 2 years ago. Covering substantial topics under the Business section, he helps information seep in deeper with creative writing and content management skills.