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Lael Brainard

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Lael Brainard
NameLael Brainard
OfficeDirector of the National Economic Council
PresidentJoe Biden
Term startFebruary 21, 2023
PredecessorBrian Deese
Office1Vice Chair of the Federal Reserve
President1Joe Biden
Term start1May 23, 2022
Term end1February 21, 2023
Predecessor1Richard Clarida
Successor1Philip Jefferson
Office2Member of the Federal Reserve Board of Governors
President2Barack Obama, Donald Trump, Joe Biden
Term start2June 16, 2014
Term end2February 21, 2023
Predecessor2Elizabeth Duke
Successor2Lisa Cook
Office3Under Secretary of the Treasury for International Affairs
President3Barack Obama
Term start3November 3, 2009
Term end3November 20, 2013
Predecessor3David McCormick
Successor3Nathan Sheets
Birth date1 January 1962
Birth placeHamburg, West Germany
PartyDemocratic
SpouseKurt M. Campbell
EducationWesleyan University (BA), Harvard University (MA, PhD)

Lael Brainard is an American economist and government official who has served as the Director of the National Economic Council since February 2023. She previously served as the Vice Chair of the Federal Reserve and as a member of the Federal Reserve Board of Governors from 2014 to 2023. Brainard has held several high-level positions in the Treasury Department and is known for her expertise in international economics and financial stability.

Early life and education

Lael Brainard was born in Hamburg, West Germany, where her father served as a Foreign Service officer. She spent parts of her childhood in Poland and East Germany before her family returned to the United States. Brainard earned a Bachelor of Arts in economics from Wesleyan University, graduating with high honors. She subsequently pursued graduate studies at Harvard University, where she received a Master of Arts and a Doctor of Philosophy in economics, studying under renowned economists like Lawrence Summers and Martin Feldstein.

Career

Before entering government service, Brainard was a senior fellow at the Brookings Institution, focusing on international economics and trade policy. She began her public service career in the Clinton administration, serving as a deputy national economic adviser and later as a deputy assistant to President Bill Clinton for international economics. During this period, she worked on issues related to the Asian financial crisis and the expansion of the North American Free Trade Agreement.

Federal Reserve

Appointed by President Barack Obama, Brainard was sworn in as a member of the Federal Reserve Board of Governors in June 2014. During her tenure, she served on key committees including the Federal Open Market Committee and the Committee on Financial Stability. As a governor, she was a consistent voice for caution regarding interest rate increases, often emphasizing the risks of low inflation and the importance of maximum employment. She was a leading advocate within the Federal Reserve System for incorporating climate change risk into financial stability oversight and bank supervision. In May 2022, she was confirmed as Vice Chair of the Federal Reserve, a role she held until her departure for the White House.

Treasury Department

From 2009 to 2013, Brainard served as the Under Secretary of the Treasury for International Affairs under Treasury Secretaries Timothy Geithner and Jack Lew. In this role, she was the United States' top financial diplomat, representing the nation at the G20, the International Monetary Fund, and the World Bank. She played a central part in coordinating the global response to the Great Recession, including the implementation of the Basel III accords and managing the European sovereign debt crisis. Her work also involved significant engagement with economic officials in China and other emerging markets.

Policy positions

Brainard is widely regarded as a monetary policy dove, prioritizing labor market gains and expressing greater tolerance for inflation above the Federal Reserve's target to achieve broad-based employment. She has been a prominent proponent of modernizing the Community Reinvestment Act to better address digital banking and has advocated for a central bank digital currency. On regulatory policy, she has supported strong capital and liquidity requirements for large financial institutions, often voting against measures she viewed as weakening the post-Dodd-Frank regulatory framework during the Trump administration.

Personal life

Brainard is married to Kurt M. Campbell, who serves as the United States Deputy Secretary of State. The couple has two children. They reside in Washington, D.C.. In her limited public remarks on her personal interests, she has mentioned a fondness for hiking and outdoor activities.

Category:1962 births Category:Living people Category:American economists Category:Federal Reserve officials Category:Directors of the National Economic Council