In pre-released written testimony Wednesday, Fed vice-chair nominee Lael Brainard vowed to make quelling inflation a priority. At present, in addition to the nomination of the chairman and vice-chairman, the Fed has three vacancies to be filled, and the White House said it is already in the stage of finalizing the candidates.
Brian Deese, chairman of the White House National Economic Council (NEC), said on Wednesday (12th) that the White House is in close discussions with congressional leaders to finalize three vacant nominees, including the vice chair for financial oversight.
It was previously rumored that Sarah Bloom Raskin, a former deputy treasury secretary, may take over as vice-chairman of Jinjian. In addition, economist Philip Jefferson may also be appointed to the board.
Biden has nominated Ball to continue as chairman and director Brainard as vice chairman last year, of which Brainard is scheduled to attend an appointment hearing held by the Senate Banking Committee at 10 p.m. ET on Thursday. If the deal goes through, Brainard would be the Fed’s No. 2, Powell’s closest policymaker outside New York Fed President John Williams.
According to Branard’s prepared testimony, “Inflation is already too high, and workers across the country worry about where wages are going. Our monetary policy will focus on bringing inflation back down to 2 percent while maintaining an inclusive economic recovery. is our most important task.”
Brainard will replace Clarida (Richard Clarida), who will leave early on Friday because of the stock speculation controversy.