Among the candidates for Biden’s chief economist position are Fed Vice Chairman Lyle Brainard and Treasury official Wally Ademo.


New York
CNN

The White House is considering a number of senior federal government officials to replace chief economist Brian Daisy, including Federal Reserve Vice Chairman Lyle Brainard and Deputy Treasury Secretary Wally Adeyou, a person familiar with the matter told CNN on Wednesday.

The process of replacing Daisy as chair of the powerful National Economic Council is still ongoing, the person said, and the situation is volatile. Brainard is seen as the main contender, though the process is still ongoing and President Joe Biden has yet to make a final decision, according to two people familiar with the matter.

Daisy has emerged as one of the faces of Biden’s economic agenda, appearing frequently on television to explain the administration’s views and policies. CNN previously reported that Deese planned to step down.

Deese has long planned to leave in the first few months of this year and is playing a role in choosing his replacement. As chairman of the Biden Economic Council, he was the driving force behind the administration’s economic policy and legislative agenda for two years and was one of the most powerful NEC directors in recent memory.

In addition to Brainard and Adeyemo, contenders to replace Deese include Biden senior adviser Jane Sperling, former Health and Human Services Secretary Sylvia Matthews Burwell and NEC deputy director Bharat Ramamurti, the person familiar with the matter told CNN.

The Washington Post initially reported the leading candidates to replace Daisy.

The White House declined to comment.

Brainard was seen as the main contender to become Fed chairman before Biden ultimately decided to re-nominate Jerome Powell. Brainard, a former Treasury official in the Obama administration and Fed governor since 2014, has been promoted to vice president, number two official at the central bank.

US Deputy Secretary of the Treasury Wally Ademo on October 13, 2022 in Washington, DC.

If Brainard were to take on the NEC role, it would open up a crucial position for Biden to fill at the Federal Reserve at a time when the central bank’s rapid rate increases have stoked concerns from some Democrats that an aggressive stance to tame inflation could have negative effects on the broader economy.

The Fed declined to comment.

Related Posts