Biden’s top economist retires. See the list of candidates to replace him | CNN Business


The White House is considering several top federal government officials to replace economist Brian Deese, including Federal Reserve Vice Chairman Lael Brainard and Under Secretary of the Treasury Wally Adeyemo, a person familiar with the matter told CNN on Wednesday. .

The process to replace Deese as head of the powerful National Economic Council is ongoing and the situation is fluid, the person said. Brainard is seen as a top contender, though the process is still underway and President Joe Biden has not made a final decision, according to two people familiar with the matter.

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

Deese has long planned to leave in the early months of this year and is playing a role in selecting his replacement. As head of Biden’s economic council, he has been the driving force behind the administration’s economic policy and legislative agenda for two years and has been one of the most powerful NEC directors in recent memory.

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

The Washington Post was the first to report on the top candidates to replace Deese.

The White House declined to comment.

Brainard was seen as a top contender to become Fed chair before Biden ultimately decided to rename Jerome Powell. Brainard, a former Treasury official in the Obama administration and Fed governor since 2014, was promoted to vice president, the second-largest official at the central bank.

US Assistant Secretary of the Treasury Wally Adeyemo on October 13, 2022 in Washington, DC.

If Brainard were to take over the NEC role, it would open up a critical position for Biden to fill at the Federal Reserve at a time when rapid central bank rate hikes have raised concerns among some Democrats that the aggressive stance to rein in inflation could have negative effects on the broader economy.

The Federal Reserve declined to comment.

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