The United States is at an important point of curbing inflation and striving to achieve a “soft landing” Biden adjusts the economic advisory team
U.S. President Joseph Biden adjusted his economic advisory team on the 14th, appointing Federal Reserve Vice Chairman Lyle Brainard as director of the National Economic Council, and nominating close friend Jared Bernstein as chairman of the White House Council of Economic Advisers.
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Biden announced personnel adjustments to the economic advisory team on the 14th, emphasizing that Brainard and Bernstein’s new positions will help the United States develop a “stronger, more inclusive and resilient economy.”
In a statement, Biden said Brainard was one of the nation’s preeminent macroeconomists, with deep expertise in domestic and international economic affairs, a “trusted veteran” of the U.S. economic establishment, and ” Learn how the economy affects ordinary people”.
Brainard, 61, holds a Ph.D. in economics from Harvard University. He served as deputy director of the National Economic Council during the Bill Clinton administration, and served as the U.S. Treasury Department’s undersecretary for international affairs during the Barack Obama administration. He joined the Federal Reserve in 2014.
Brainard will succeed Brian Dees, who departed this month. The Fed confirmed in a statement that Brainard had submitted his resignation, which is scheduled to take effect around the 20th. Agence France-Presse quoted a White House statement as reporting that Brainard will become the second female director of the National Economic Council.
In his statement, Biden praised Bernstein as a “distinguished thinker” and “one of his closest and longest-serving economic advisers.”
Bernstein, 67, currently a member of the White House Council of Economic Advisers and an assistant to then-Vice President Joe Biden during the Obama administration, will succeed Cecilia Laws, who has returned to college.
The National Economic Council and the White House Council of Economic Advisers are the two main economic advisory groups of the President of the United States. Brainard’s appointment does not require confirmation, while Bernstein’s appointment requires Senate approval, according to the Associated Press.
In addition to the above two changes in key positions, Biden also announced three adjustments: Bharat Ramamurthy, deputy director of the National Economic Council, will also serve as an economic strategic communications adviser, and Heather Bush, a member of the White House Council of Economic Advisers, will also serve as a Joel Gamble, chief economist for the Focused Investment Panel and chief economist for the Labor Department, will serve as deputy director of the National Economic Council.
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The U.S. economy is now in a “critical period.” On the one hand, the employment situation is improving. The unemployment rate fell to 3.4% month-on-month in January, which is close to the lowest value in 54 years. On the other hand, inflation rebounded. The consumer price index (CPI) rose by 6.4% year-on-year in January, which exceeded market expectations. , sparking fears of a possible economic recession.
According to Reuters, Biden adjusted his economic advisory team at an important juncture in curbing inflation and striving to achieve a “soft landing” of the economy. It seems that he intends to convince Americans that the current government is working hard to achieve the above goals.
Gregory Da, chief economist at Ernst & Young Primordial, told AFP that Brainard has all the qualities needed for his new role and understands Treasury Secretary Janet Yellen, which will help in the various tasks Biden hopes to implement. policy has been implemented. In the view of the Associated Press, Brainard will play a key role in policy coordination.
A poll conducted by Reuters and Ipsos Group from the 6th to the 13th showed that only 36% of the respondents approved of the Biden administration’s performance in handling economic affairs. This figure is down 6 percentage points from the poll a year ago .
Although Biden has not announced whether he will participate in the 2024 presidential election, he is widely expected to run for re-election. However, the above-mentioned polls show that many people do not support Biden in doing so. 52% of Democratic supporters believe that Biden should not run for re-election, and 40% of Republican supporters do not support former Republican President Donald Trump to participate in the 2024 presidential election. (Xinhua News Agency)
