US President Biden to Keep Powell as Chair, Elevates Lael Brainard to Serve as Vice Chair

Posted on 11/22/2021

U.S. President Joe Biden decided to keep Jerome “Jay” Powell as Chairman of the Federal Reserve and elevate Lael Brainard as Vice Chair.

Brainard was nominated by U.S. President Barack Obama to serve as the Under Secretary of the Treasury for International Affairs at the Department of the Treasury on March 23, 2009. Brainard was nominated to the Fed board on January 13, 2014.

Brainard will take the spot of Richard Clarida who was officially nominated by U.S. President Donald Trump to succeed Stanley Fischer as Vice Chair of the Federal Reserve on April 24, 2018. From 2006 to 2018, Clarida was Global Strategic Advisor with Pacific Investment Management Company LLC (PIMCO) and in 2015 was named managing director with the firm.

Keywords: Federal Reserve System.

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