Lael Brainard will resign from the Federal Reserve after being appointed the new director of President Biden’s National Economic Council.
Brainard, who joined the Fed in 2014 and has served as vice chair since May 2022, made the announcement in a late-day press release on Tuesday.
“Lael has brought formidable talent and superb results to everything she has done at the Federal Reserve,” Chair Jerome Powell said in the release.
“That lengthy list includes her thought leadership on monetary policy and economic research, her stewardship of financial stability and the payments system, strengthening the financial system both domestically and globally, and helping to manage the immense operational agency challenges during the pandemic,” Powell added.
Before joining the Fed, Brainard was Under Secretary of the Treasury Department and counselor to the Secretary of the Treasury.
Brainard, who will succeed Brian Deese on the National Economic Council, was a deputy director of the council during the Clinton Administration.