(Reuters) – U.S. President Joe Biden has decided to name Federal Reserve Vice Chair Lael Brainard as his top economic adviser, with an announcement coming as soon as Tuesday, Bloomberg reported on Monday, citing people familiar with the matter.
Additionally, long-time Biden confidant Jared Bernstein is expected to replace Cecilia Rouse as chair of the Council of Economic Advisers, the report said.
Biden is making over his top economic team as the Fed continues to hike interest rates but the U.S. labor market remains tight, raising the prospect of an unusual recession without significant job losses.
The next NEC director and CEA chair will help shape the Democratic Biden administration’s economic policy, from executive orders to congressional spending bills and raising the debt limit, in the face of a more hostile U.S. House of Representatives, now controlled by Republicans.
Brainard, a Harvard-educated Democrat who has been at the Fed for nearly a decade and served as Treasury’s top international affairs expert under President Barack Obama, would replace Brian Deese at the NEC.
(Reporting by Akriti Sharma in Bengaluru; Editnig by Kim Coghill)
