Brainard resigns as Fed vice chair to join Biden economic team

Bank Regulatory Federal Issues Federal Reserve

On February 14, President Biden appointed Federal Reserve Board Vice Chair Lael Brainard to serve as Director of the National Economic Council (NEC). Touting Brainard’s domestic and international economic expertise, Biden said she will be the second female director of the NEC. Brainard submitted her resignation from the Fed the same day, effective on or around February 20. Brainard has been a Fed Board member since June 2014, and has served as vice chair since May 2022. During her time at the Board, Brainard “chaired multiple committees, including the Committee on Financial Stability, the Committee on Economic and Monetary Affairs, the Committee on Payments, Clearing, and Settlement, and the Committee on Board Affairs, among others.” Brainard also served as chair of the Federal Open Market Committee's communication subcommittee, and has represented the Board internationally, including at the Bank for International Settlements, the Group of Seven, and the Financial Stability Board.