U.S. President Joe Biden is set to appoint Federal Reserve Vice Chair Lael Brainard as the White House's top economic advisor.
The Biden administration is preparing for a fight with Republicans over raising the debt ceiling to avoid a government default.
- 61-year-old Brainard is set to replace Brian Deese as the director of the National Economic Council, reports Politico, citing two administration officials.
- Her appointment is part of a larger shakeup of Biden's economic team that will see longtime adviser Jared Bernstein become the president’s chief economist.
- Brainard played a role in implementing the American Free Trade Agreement while she worked as an advisor in former president Bill Clinton's administration.
- She served as the U.S. Treasury's top diplomat between 2010 and 2013 and became a leading contender for Treasury secretary while Hillary Clinton ran for office in 2016.
- Brainard is likely to bolster Washington's efforts to avoid a debt default as Republicans disagree with the Biden administration over raising the country's borrowing limit.
- She is set to leave the Fed at a crucial moment in its ongoing effort to contain inflation without triggering a recession.
