By Yasin Ebrahim
Investing.com -- President Joe Biden on Tuesday named Federal Reserve Vice Chair Lael Brainard as the new director of his National Economic Council.
In her new role as White House top economic adviser, Brainard, who replaces outgoing NEC Director Brian Deese, is expected to work closely with Treasury Secretary Janet Yellen to help deliver President Biden's economic agenda as he set his sights on reelection.
"Lael, one of the country’s leading macroeconomists, brings an extraordinary depth of domestic and international economic expertise, having previously served at CEA, NEC, the Treasury Department and the Federal Reserve," President Biden said in a statement.
As part of the shake-up of his economic team, Biden nominated Jared Bernstein as chair of the White House Council of Economic Advisers, succeeding Cecilia Rouse.
The departure of Brainard leaves the Fed searching for a vice chair less than a year after she was confirmed by the Senate in April.
While it isn't yet clear who Biden will nominate to fill the Fed vice chair seat, some speculate that it isn't likely that a hawk will fill the dovish void left by Brainard.
"At this point we have no clear idea who that will be, or how long the process will take, though we would hazard a guess that the president will not be looking to appoint a hawk," Pantheon Macroeconomics said in a note.