President Joe Biden made two major appointments to the White House’s National Economic Council (NEC) today: Federal Reserve Vice Chair Lael Brainard will serve as the NEC’s top economic policy job director and Jared Bernstein, a longtime Biden adviser, is likely to become its chief economist. Brainard brings with her deep experience at the Fed and a long background in policymaking that will help move Biden’s priorities forward, including avoiding default on government debt and managing interest rates during potential recession. She was involved in implementing NAFTA and negotiating China’s entry into WTO while working for Bill Clinton’s administration. This drew criticism from progressives who viewed it as detrimental to American workers’ interests. Brian Deese is leaving NEC after serving senior roles under the Obama Administration; he joined White House from Wall Street investment giant BlackRock creating some backlash among progressives wary of banking industry history. The news comes amid economic uncertainty due to the coronavirus pandemic, which has put millions of Americans out of work and caused stock markets worldwide to plunge. By appointing experienced economic policymakers Brainard and Bernstein, Biden is sending a signal that he takes economic stability seriously and is willing to bring experienced people into his inner circle of advisers to help guide strategy going forward.
Brainard has said she wants to focus on “rebuilding our economy in ways that better serve everyone – helping us build an economy where wages rise with productivity, stronger efforts are made toward inclusion, no one is left behind” — suggesting her focus may lie in helping those most affected by the pandemic recover economically. Additionally, Brainard’s former work with the WTO could give her unique insight into how international trade agreements could be used beneficially for U.S. interests going forward . While Bernsteins work has generally focused on progressive policies such as minimum wage increases or union strengthening policies—he is expected to be more involved with day-to-day policy decisions than his predecessor Brian Deese was. Though some may view his appointment skeptically due to his lack of experience when compared with Brainard, having someone within the White House with such an intimate knowledge of Biden’s agenda could prove invaluable as they navigate complex economic issues over the course of his presidency. With Brainard leading top-level strategic direction at NEC and Bernstein providing close attention to detail work alongside others like Janet Yellen—it looks like Biden will have a strong group guiding him through complicated economic times ahead.
