The U.S. Senate on Tuesday confirmed Lael Brainard as Vice Chairman of the U.S. Central Bank (Fed), with senators voting 52 to 43 in favor of President Joe Biden’s nominee.
Lael Brainard, a 60-year-old Democrat, has served on the Fed’s Board of Governors since his appointment by Barack Obama in 2014. This Harvard University graduate had previously served as Undersecretary of the Treasury, in charge of international affairs.
By becoming number two in the Fed, she becomes the third woman to hold the post of vice-president of the powerful monetary institution, after Alice Rivlin and former Fed president Janet Yellen, currently Secretary of the Treasury.
A supporter of an ultra-accommodative monetary policy during the Covid-19 pandemic, Ms. Brainard aligned herself with the positions of Fed Chairman Jerome Powell when the institution pivoted towards a more restrictive policy in order to fight against the crisis. inflation.
She replaces former Fed Vice Chairman Richard Clarida, whose term expired at the end of January.
Six Republican senators, including the influential Lindsey Graham, joined the Democratic camp in the vote on Tuesday, confirming this respected economist as the Fed’s number two.
But elected officials failed to organize a final confirmation vote for Lisa Cook, who is to become the first black woman on the prestigious board of governors.
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Republicans opposed the historic nomination and Democrats lacked a majority on Tuesday night in the absence of two senators and Vice President Kamala Harris, who tested positive for Covid-19.
It is unfortunate that Republican senators are exploiting the absence of our colleagues to block (the confirmation of) a competent black woman, said Democratic senator Sherrod Brown in a press release.
They once again preferred to score political points rather than serve the public and lower prices for American families, he said, adding that the Senate would review his nomination soon.