The Federal Reserve vice chair is known for championing regulation of Wall Street and calling for policies that helped expand the labor market.
“As we get further into restrictive territory, those risks around our dual mandate become more two-sided,” Brainard said in remarks on Jan. 19. “Now we’re in an environment where we’re managing risks on both sides.”When Biden weighed whether to name Brainard treasury secretary or to tap her to replace Powell as Fed chair, her supporters said she was a match for Biden’s economic agenda.
“You could see it in the voting record,” Simon Johnson, an economist at MIT who advocated for Brainard to become Fed chair, told The Washington Post. “I’m sure that was a very lonely struggle. But it was quite effective in slowing things down and made people think more about the consequences of having those regulations [relaxed].
And in 2020, when Brainard was a board governor, Powell brought her into the Fed’s close inner circle — a group traditionally confined to the chair, vice chair and leader of the New York Fed — that shapes the central bank’s agenda on monetary policy. Before joining the central bank, Brainard served as undersecretary for international affairs at the Treasury Department in the Obama administration and as a top deputy to Treasury Secretary Timothy F. Geithner after the Great Recession. Brainard was a crucial negotiator during Europe’s debt crisis, often exerting her influence behind closed doors.
The daughter of a Foreign Service officer, Brainard was raised in Poland and Germany during the Cold War and is fluent in German.
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