Brainard wins Senate confirmation to be Fed's vice chair
ABC News
The Senate confirmed the nomination of Lael Brainard to a four-year term as vice chair of the Federal Reserve, elevating her to the Fed’s No. 2 post in the midst of the central bank’s toughest fight against inflation in four decades
WASHINGTON -- The Senate on Tuesday confirmed the nomination of Lael Brainard to a four-year term as vice chair of the Federal Reserve, elevating her to the Fed's No. 2 post in the midst of the central bank's toughest fight against inflation in four decades.
Her confirmation came in a 52-43 vote in the Senate, with seven Republicans and all Democrats who were present voting in favor. President Joe Biden had nominated Brainard in November.
Brainard, 60, has been a member of the Fed's Board of Governors since 2014, and her rise to a leading policymaking role follows an extensive career as an economic official during previous Democratic administrations. She was an adviser to President Bill Clinton in the late 1990s before becoming the top Treasury official for international affairs during President Barack Obama's administration, from 2009 to 2013.
Brainard, the lone Democrat on the board for now, has generally supported keeping interest rates low to support growth and hiring, which makes her a “dove” in Fed parlance. “Hawks” generally support higher rates to ward off inflation.
