Biden appoints new NEC Director

President Joe Biden has announced several changes to his economic team in a Tuesday White House press release, with Lael Brainard, the current vice chair of the Federal Reserve, appointed as director of the National Economic Council (NEC). Brainard, described by Biden as a “trusted veteran” of the economic institutions, has been one of the Fed’s most “dovish” members, signalling the central bank may be able to lower inflation without extensively damaging the labor market. Brainard’s new role places her among the president’s most senior advisers.

Biden also announced that Jared Bernstein, a member of the Council of Economic Advisers (CEA), will be nominated as chair of the CEA. Additionally, Bharat Ramamurti, deputy director of the NEC, will also serve as an adviser for strategic economic communications; Heather Boushey, a member of the CEA, will also serve as chief economist to the Invest in America Cabinet, and Joelle Gamble, chief economist at the Department of Labor, will be deputy director of the NEC.

In his statement, Biden reiterated the economic success of the past two years and pledged that his economic team would be committed to implementing that strategy while ensuring the transition of economic recovery to steady and stable growth.

Brainard has previously expressed the view that the cryptocurrency market should be regulated like traditional finance, with “strong regulatory guardrails,” following losses suffered by retail investors. She noted that crypto finance is no different than traditional finance in the risks that it exposes, and it should be under the regulatory perimeter.

Brainard succeeds Brian Deese, who said in early February that he would be leaving that position. News reports state that Brainard’s appointment to the NEC director role has placed her among the President’s topmost advisors.