Lael Brainard submitted her resignation February 14, 2023 as Vice Chair and a member of the Federal Reserve Board, efficient on or round February 20, 2023. She has been a member of the Board since June 16, 2014, and Vice Chair of the Board since Might 23, 2022.
“Lael has introduced formidable expertise and very good outcomes to every thing she has finished on the Federal Reserve,” Chair Jerome H. Powell stated. “That prolonged listing contains her thought management on financial coverage and financial analysis, her stewardship of economic stability and the funds system, strengthening the monetary system each domestically and globally, and serving to to handle the immense operational company challenges through the pandemic. My colleagues and I’ll actually miss her.”
Dr. Brainard was nominated to the Board by President Obama after which re-nominated as Vice Chair by President Biden. Throughout her time on the Board, she chaired a number of committees, together with the Committee on Monetary Stability, the Committee on Financial and Financial Affairs, the Committee on Funds, Clearing, and Settlement, and the Committee on Board Affairs, amongst others. She additionally served as chair of the Federal Open Market Committee’s communication subcommittee.
Dr. Brainard performed an important function through the response to the pandemic and has offered clever counsel on financial coverage, in addition to contributing to the creation of the Fed Listens initiative. The Board printed its first monetary stability report beneath her management. She has led the interagency course of to strengthen the Group Reinvestment Act, in addition to the Board’s work to ascertain the FedNow real-time funds community.
Dr. Brainard has represented the Board internationally, together with on the Financial institution for Worldwide Settlements, the Group of Seven, and the Monetary Stability Board. Whereas on the Fed, Dr. Brainard was chair of the Monetary Stability Board’s Standing Committee on Evaluation of Vulnerabilities and likewise chair of the Group for Financial Co-operation and Improvement Working Occasion 3 committee. She is going to quickly begin as director of the Nationwide Financial Council, which advises the president on home and world financial coverage.
Earlier than her time on the Fed, she served as Underneath Secretary of the U.S. Division of the Treasury and counselor to the Secretary of the Treasury, the place she acquired the Alexander Hamilton Award. Previous to that, Dr. Brainard was vice chairman and the founding director of the International Financial system and Improvement Program on the Brookings Establishment. Earlier than that, she served because the Deputy Nationwide Financial Adviser and Deputy Assistant to the President and G-7 Sherpa. From 1990 to 1996, Dr. Brainard was assistant and affiliate professor of utilized economics on the Massachusetts Institute of Know-how Sloan Faculty of Administration.
Dr. Brainard acquired a B.A. with college honors from Wesleyan College and an M.S. and a Ph.D. in economics from Harvard College, the place she was awarded a Nationwide Science Basis Fellowship. She can also be the recipient of the Harvard Centennial Medal and the White Home Fellowship.
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