Lael Brainard was confirmed by the Senate Tuesday to be the Federal Reserve's vice chairman.
Lael Brainard, who worked her way up the ladder of successive Democratic administrations, was confirmed by the Senate Tuesday to be the Federal Reserve’s vice chairman.Brainard, 60, has been a governor at the Fed since 2014 and was the only sitting governor not nominated by President Donald Trump.
Brainard began her Washington career as a top aide to President Bill Clinton on international economic policy. With her connections to Democrats, Brainard has always been on unofficial shortlists for potential top economic-policy jobs. For instance, there was widespread speculated that Hillary Clinton might have named Brainard as her Treasury secretary. This happened again four years later when President Joe Biden was elected.
Inflation surged in 2021 as the economy emerged from the pandemic. Fed officials, including Brainard, believed the price rises were transitory. But inflation has broadened out instead of easing, with the rate of increase in consumer prices hitting a 40-year high of 8.5% in March.
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