Biden Will Restructure The Economic Team- The White House will introduce its two new economic team heads this week as President Biden appoints essential people in the wake of the 2014 midterm elections and front of the next presidential campaign.
According to two sources with knowledge of the situation, Biden will name Lael Brainard, a top official at the Federal Reserve, to head the White House economic team as director of the National Economic Council.
According to two sources with knowledge of the matter, he will appoint Jared Bernstein, a White House Council of Economic Advisers member, and Biden’s top economics advisor during the Obama administration, to serve as the group’s chair.
The promotion of Brainard and Bernstein occurs as the Biden administration gears up for what could be difficult talks with congressional Republicans on the country’s borrowing limit and as the economy fights to control inflation, with a new report on prices expected to be released on Tuesday.
For several weeks, both Brainard and Bernstein have been viewed as the front-runners for their respective positions. Brainard, the No. 2 official at the central bank, will take Brian Deese’s place as the principal economics advisor to the White House, a position he has held from the start of Biden’s administration.
Deese, whose resignation was announced earlier this month, is anticipated to leave this week, according to two sources with knowledge of the situation. The individuals talked on the condition of anonymity to discuss private personnel issues.
Since she joined the Fed in 2014, Brainard has focused on the economic effects of climate change, and liberals who have supported her harsh stance on Wall Street are anticipated to applaud her choice.
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In addition to holding prominent positions at various federal economic organizations, including the Fed, NEC, and Treasury Department, Brainard is a Harvard-educated economist who previously taught at the Massachusetts Institute of Technology.
Bernstein, who spent years as a critical analyst at the Center on Budget and Policy Priorities, a left-leaning think tank that frequently makes forceful defenses of government social programs, has, if anything, even deeper links to the liberal wing of the party.
Cecilia Rouse, who has served as chair from the beginning of the Biden administration but is anticipated to soon return to her seat at Princeton University, will be replaced by Bernstein, renowned for his concentration on the labor market and backing unions.
Republicans are expected to link Biden’s role in inflation to both Brainard and Bernstein. Bernstein was in the administration when it approved a $1.9 trillion stimulus plan in 2021 that critics claim fueled inflation.
Meanwhile, Brainard was at the central bank as it maintained low-interest rates despite evidence of an overheating economy.
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