President Joe Biden on Tuesday announced that Lael Brainard, vice chairwoman at the Federal Reserve, will be his top economic adviser and director of the National Economic Council.
Ms. Brainard, a Fed board member since 2014 who was confirmed to a four-year term as vice chairwoman in April, submitted her resignation on Tuesday, and it will go into effect on or around Feb. 20, according to a Fed statement.
She replaces Brian Deese as director of the National Economic Council after the White House announced his departure earlier this month.
Mr. Biden in a statement said that Ms. Brainard is one of the country's leading macroeconomists. "She is a trusted veteran across our economic institutions, and understands how the economy affects everyday people," Mr. Biden added.
Prior to joining the seven-member Fed board, Ms. Brainard served as undersecretary of the Treasury from 2010 to 2013 and counselor to the secretary of the Treasury in 2009.
"Lael has brought formidable talent and superb results to everything she has done at the Federal Reserve," Chairman Jerome H. Powell said in the statement "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. My colleagues and I will truly miss her."
The Fed has raised rates precipitously over the last year in its bid to tamp inflation. At a speech last month, Ms. Brainard said the Fed will "stay the course" and maintain a restrictive monetary policy while inflation remains elevated.
With Ms. Brainard's appointment, Mr. Biden will have to nominate a new Fed vice chair.
Mr. Biden also named Jared Bernstein, currently a member of the Council of Economic Advisers, as its chairman.