Lael Brainard

Lael Brainard
Lael Brainard
Born	January 1, 1962 (age 64)
Occupation(s)	Economist, government official
Known for	14th Director of the National Economic Council (2023–2025), 22nd Vice Chair of the Federal Reserve (2022–2023), Member of the Federal Reserve Board of Governors (2014–2023), Under Secretary of the Treasury for International Affairs (2010–2013)

Lael Brainard (born January 1, 1962) is a distinguished American economist who held the position of the 14th director of the National Economic Council from 2023 until 2025. She previously served as the 22nd vice chair of the Federal Reserve between May 2022 and February 2023 and was a member of the Federal Reserve Board of Governors starting in 2014. Before joining the Federal Reserve, she acted as Under Secretary of the Treasury for International Affairs from 2010 to 2013.

Brainard was nominated by Barack Obama in March 2009 and confirmed by the U.S. Senate in April 2010 with a vote tally of 78–19, taking office that same day. She stepped down in November 2013 to prepare for her nomination to the Federal Reserve Board.

In November 2021, President Biden put forward Brainard’s nomination for Vice Chair of the Federal Reserve, succeeding Richard Clarida. The Senate approved her appointment in April 2022, and she officially assumed the role on May 23, 2022. In February 2023, Biden appointed her as Director of the National Economic Council, following Brian Deese. She resigned from her Federal Reserve posts on February 18, 2023. While serving as NEC director, Brainard also led the White House Competition Council, promoting initiatives aimed at curbing "junk fees" and reducing costs associated with hearing aids.

Early life and education

Daughter of U.S. diplomat Alfred Brainard, Lael Brainard spent her formative years in West Germany and Poland prior to the Berlin Wall’s collapse. She earned her Bachelor of Arts degree with honors in Social Studies from Wesleyan University and completed both master’s and doctoral studies in economics at Harvard University, where she was honored as a National Science Foundation Fellow.

Brainard was selected for a White House Fellowship and an International Affairs Fellowship through the Council on Foreign Relations. Her accolades include the Alexander Hamilton Award for her Treasury Department contributions, along with receiving the Harvard GSAS Centennial Medal and the William F. Butler Award from the New York Association of Business Economics in 2019.

Private sector

Brainard launched her professional journey at McKinsey & Company, where she provided strategic consulting services to corporate clients.

Between 1990 and 1996, she held positions as assistant and associate professor of Applied Economics at the MIT Sloan School of Management. Her scholarly work advanced understanding in areas such as offshore manufacturing, international trade dynamics, U.S. structural and cyclical unemployment patterns, and strategic trade policies.

From 2001 until 2009, Brainard was a senior fellow at the Brookings Institution, serving as Vice President and Director of its Global Economy and Development Program from 2006 to 2009.

White House

Beginning in 1997, Brainard took on roles as deputy national economic advisor and deputy assistant to President Clinton. In this capacity, she coordinated White House staff efforts for Asia-Pacific Economic Cooperation (APEC) Leaders Meetings held in Vancouver and Manila, oversaw a comprehensive three-year review of NAFTA, and managed preparations for China's accession to the WTO. Additionally, she directed G7/G8 Jobs Conferences hosted by the U.K. and France and participated in significant presidential visits to China, Latin America, the U.K., as well as the Summit of the Americas in Miami.

As deputy director of the National Economic Council, Brainard played a key role in establishing a new White House entity dedicated to addressing global economic issues such as the 1997 Asian financial crisis and China’s WTO membership. Acting as U.S. Sherpa to the G8, she contributed to shaping the landmark 2000 summit that included leaders from some of the world’s poorest countries for the first time and helped lay groundwork for the creation of the Global Fund to Fight AIDS, Tuberculosis and Malaria.

Treasury

On March 23, 2009, President Obama put forward Brainard's nomination for the position of Under Secretary of the Treasury for International Affairs. The Senate Finance Committee gave its approval in December 2009, emphasizing her efforts to encourage China toward a more flexible currency regime. The full Senate confirmed her appointment on April 20, 2010, with a vote tally of 78–19. In this role, Brainard directed the Treasury's Office of International Affairs, addressing challenges such as the eurozone crisis and currency policy relations with China. She advocated for China to embrace market-oriented currency adjustments and pressed European nations to strengthen their economic rescue initiatives amid the sovereign debt turmoil.

Within this capacity, Brainard acted as the U.S. delegate to the G-20 Finance Deputies and G-7 Deputies groups and held membership in the Financial Stability Board. For her contributions, she was honored with the Alexander Hamilton Award before departing from the Treasury Department in November 2013.

Federal Reserve Board

In January 2014, President Barack Obama nominated Brainard to join the Federal Reserve Board of Governors, and the Senate confirmed her on June 12, 2014, by a vote of 61–31. She officially commenced her term on June 16, 2014. Brainard holds the title of Administrative Governor and chairs several important committees, including those focused on Financial Stability, Federal Reserve Bank Affairs, Consumer and Community Affairs, Payments, Clearing and Settlements, as well as the Subcommittee on Smaller Regional and Community Banking Organizations.

Vice Chair of the Federal Reserve

President Joe Biden nominated Brainard for the role of Federal Reserve Vice Chair on November 22, 2021. Her initial nomination lapsed at the end of that year and was returned on January 3, 2022; however, she was renominated the following day.

The Senate Banking Committee conducted hearings on January 13, 2022. The committee reported her nomination favorably on March 16, 2022, with a vote of 16–8. The Senate voted to invoke cloture on April 25, 2022, by a margin of 54–40 and confirmed her appointment on April 26, 2022, with a final vote of 52–43. The confirmation garnered bipartisan backing, including support from seven Republican senators. Brainard became the third woman to assume the position of Fed Vice Chair after Alice Rivlin and Janet Yellen.

National Economic Council

In February 2023, President Biden appointed Brainard as Director of the National Economic Council, succeeding Brian Deese. She is only the second woman to occupy this post following Laura Tyson. Alongside directing the NEC, Brainard also took over leadership of the White House Competition Council from Deese.

According to a report from the Wall Street Journal, Brainard has played a key role—together with Jake Sullivan and Steve Ricchetti—as a liaison between administration officials and members of Congress seeking direct engagement with the President.

Publications

Brainard has co-edited several works including Climate Change and Global Poverty: A Billion Lives in the Balance (2009), Too Poor For Peace? (2007), and Offshoring White Collar Work (2006). Additionally, she edited Transforming the Development Landscape: The Role of the Private Sector (2006) and Security by Other Means: Foreign Assistance, Global Poverty and American Leadership (2006), while co-authoring The Other War: Global Poverty and the Millennium Challenge Corporation (2004).

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