If he chose Brainard, Biden would be nominating someone who would excite Democrats in Congress but put Republicans and large banks on edge—setting up a tougher confirmation battle in the Senate, where Democrats command only 50 of the 100 seats. Still, Vice President Kamala Harris would be able to cast a tie-breaking vote.
Appointed by President Barack Obama in 2014, Brainard is currently the only Democrat serving on the Fed Board, and as a governor she leads some of the Fed’s most critical initiatives. She is governor overseeing financial stability surveillance at the Fed, and payments—an area where the central bank is now innovating with the development of an instant transaction system and consideration of a digital currency.
With a Ph.D. from Harvard University and having spent part of her career in the Treasury, Brainard is viewed as a highly competent and experienced macroeconomist. She also co-authored new language on the Fed’s longer-run strategy that redefined the full employment mandate to a broad and inclusive goal.
This article was provided by Bloomberg News.