Vice Chair Brainard Resigns from Federal Reserve; Tapped to Lead National Economic Council
Lael Brainard resigned as Vice Chair and as a member of the Federal Reserve Board ("FRB"), effective on or around February 20, 2023. The announcement follows her nomination by President Joseph R. Biden to serve as Director of the National Economic Council.
Dr. Brainard has served as a member of the FRB since June 16, 2014, and as Vice Chair since May 23, 2022. Dr. Brainard has served on several Board committees during her tenure, focusing on, among other things: (i) implementing the Federal response to the COVID-19 pandemic, (ii) modernizing the Community Reinvestment Act and (iii) establishing the real-time payment network of the FRB, FedNow.
Before joining the FRB, Dr. Brainard served as Under Secretary of the U.S. Department of the Treasury and counselor to the Secretary of the Treasury.
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