Lael Brainard, the No. 2 official at the Federal Reserve, is headed for the White House, leaving a void at the central bank just as it enters a new phase of its inflation fight.
Since joining the Fed in 2014, Brainard held unusually large sway, including when she was the only Democrat on the board throughout the Trump administration. She built a reputation for being tough on Wall Street and opposing moves to roll back oversight of big banks. Votes on Fed policy are often unanimous. But Brainard stood apart from her colleagues with roughly 20 dissents on regulatory issues.
“There probably are other voices, and maybe they will step in to fill the vacuum,” Gardner said. “But she’s the vice chairman, and she’s a Fed veteran, so I think her opinion carries more weight than some others’.” that rising prices would be temporary. Now, one of the key architects of the Fed’s inflation fight will become Biden’s close confidante.between the Fed and White House. Ben Bernanke, for example, left a Fed governorship in 2005 to run President George W. Bush’s Council of Economic Advisers. Bush tapped him shortly after that to run the Fed.
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