Lael Brainard submitted her resignation today as Federal Reserve vice chair, with President Biden nominating her to serve as director of the National Economic Council. She will step down by Feb. 20.
Brainard has been a member of the Fed board since 2014 and vice chair since 2022. She previously was undersecretary of the U.S. Department of the Treasury and counselor to the secretary of the Treasury. Biden did not immediately announce who he intended to nominate to replace Brainard on the board. However, he also announced his intent to nominate economist Jared Bernstein as chair of the Council of Economic Advisors.