Biden names Fed vice chair Brainard to head Economic Council

By CHRISTOPHER RUGABER and JOSH BOAK
Associated Press

WASHINGTON (AP) — President Joe Biden has named Federal Reserve Vice Chair Lael Brainard as the new director of his National Economic Council. That makes the Ph.D. economist a key point person for coordinating policy, talking with business leaders and negotiating with Congress. Biden has also nominated longtime adviser Jared Bernstein to be chair of the White House Council of Economic Advisers. Brainard and Bernstein would be moving into top spots at a crucial juncture for the U.S. economy. Unemployment is near a 54-year low, but inflation remains persistently high and has contributed to fears of a coming recession.