Brainard to head his National Economic Council
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Brainard has been a Fed board member since 2014 and its vice chair since last May. She also announced her resignation on Tuesday after the Biden appointment was made public, and she will leave the Fed on or about Feb. 20 to take up her new role.
The Fed vice chair plays a key role in forming U.S. monetary policy and is typically held by a PhD economist. Goolsbee, who was head of the White House Council of Economic Advisers for two years during the Obama administration, holds a PhD from the Massachusetts Institute of Technology.
Prior to his appointment late last year to head the Chicago Fed, he - like Brainard - had been vocal about the "two-sided risks" the Fed faces, a nod to the possible job-killing aspects of raising interest rates too quickly.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ FACTBOX-Some potential successors to Brainard at the Fed UPDATE 5-Biden taps Brainard, Bernstein to lead economic team, braces for debt ceiling fight UPDATE 1-Brainard's departure to White House would come at critical juncture for Fed WRAPUP 3-Fed officials keep door open to peak policy rate above 5.1% BREAKINGVIEWS-Brainard exit replots Fed’s interest-rate dots ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Yana Gaur in Bengaluru; editing by Jonathan Oatis and Nick Zieminski)
