Lael Brainard ’79 was recently selected by President Joe Biden to be Vice Chair of the Federal Reserve Bank. Upon confirmation, Lael will be just the third woman to serve in the position.
After attending George School, Lael graduated with a bachelor’s degree from Wesleyan University in 1983 with honors. She went on to receive an MS and a PhD in economics in 1989 from Harvard University. After graduating, she was hired as an assistant and associate professor of applied economics at the Massachusetts Institute of Technology’s Sloan School of Management.
The White House’s website details Lael career further, stating, “Lael Brainard took office as a member of the Board of Governors of the Federal Reserve System in June 2014 to fill an unexpired term ending January 31, 2026.”
“Prior to her appointment to the Board, Dr. Brainard served as undersecretary of the US Department of Treasury from 2010 to 2013 and counselor to the secretary of the Treasury in 2009. From 2001 to 2008, she was vice president and the founding director of the Global Economy and Development Program at the Brookings Institution. Dr. Brainard also previously served as deputy national economic adviser for President Clinton.” You can continue reading The White House’s brief here.
One of the key reasons that Lael was chosen for the position was because of her important leadership role at the Federal Reserve and her work toward economic recovery throughout the pandemic.
Lael’s response statement reads, “Mr. President, I am deeply honored that you are entrusting me with this responsibility at a critical time. I am committed to putting working Americans at the center of my efforts at the Federal Reserve. This means getting inflation down at a time when people are focused on their jobs and how far their paychecks will go. It means supporting a growing economy that includes everyone.”
We look forward to continuing to watch Lael’s career grow and wish her all the best.
Read more of Lael’s statement here.