Lael Brainard to step down as Federal Reserve Vice Chair, serve as Biden’s top economist

Federal Reserve Vice Chair Lael Brainard is stepping down from her position to serve as President Joe Biden’s top economist.

Now that National Economic Council (NEC) director Brian Deese is leaving the White House, and presumably returning to Wall Street, reports suggest that Brainard is expected to become his replacement.

In addition, Jared Bernstein, a close aide to Biden, is expected to replace Cecilia Rouse as chair of the Council of Economic Advisers.

The White House has not commented on the situation.

Evidently, Brainard is being groomed to replace Jerome Powell as head of the U.S. central bank if Joe Biden wins his re-election bid.