US President Biden is expected to announce his Federal Reserve System Chair decision ahead of US Thanksgiving (in the last week of November).
- Brainard’s supporters say her career as an economist and policymaker over three decades is a good match for Biden’s economic agenda.
- Since joining the Fed in 2014, she has been the leading voice for tighter oversight of Wall Street, opposing policies that loosen regulations put in place after the Great Recession.
- She has warned about how climate change can hinder economic activity and how big banks’ exposure to climate-related risks could threaten the broader financial system.
- She is also the only Democrat on the Fed board. Powell is a Republican.
The latest betting I have seen puts Powell well ahead, but its a two-horse race so its probably not wise to dismiss Brainard’s chances.