Lael Brainard facts for kids
Quick facts for kids
Lael Brainard
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Official portrait, 2023
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| Director of the National Economic Council | |
| In office February 21, 2023 – January 20, 2025 |
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| President | Joe Biden |
| Preceded by | Brian Deese |
| Succeeded by | Kevin Hassett |
| 22nd Vice Chair of the Federal Reserve | |
| In office May 23, 2022 – February 18, 2023 |
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| President | Joe Biden |
| Preceded by | Richard Clarida |
| Succeeded by | Philip Jefferson |
| Member of the Federal Reserve Board of Governors | |
| In office June 16, 2014 – February 18, 2023 |
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| President | Barack Obama Donald Trump Joe Biden |
| Preceded by | Elizabeth Ashburn Duke |
| Succeeded by | Adriana Kugler |
| Under Secretary of the Treasury for International Affairs | |
| In office April 20, 2010 – November 8, 2013 |
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| President | Barack Obama |
| Preceded by | Dave McCormick |
| Succeeded by | Nathan Sheets |
| Personal details | |
| Born | January 1, 1962 Hamburg, West Germany (now Germany) |
| Political party | Democratic |
| Spouse |
Kurt M. Campbell
(m. 1998) |
| Children | 3 |
| Education | Wesleyan University (BA) Harvard University (MA, PhD) |
Lael Brainard (born January 1, 1962) is an American economist who has held important roles in the U.S. government. She served as the 14th director of the National Economic Council from 2023 to 2025. Before that, she was the 22nd vice chair of the Federal Reserve from May 2022 to February 2023.
Earlier in her career, Brainard was a member of the Federal Reserve Board of Governors starting in 2014. She also worked as the under secretary of the treasury for international affairs from 2010 to 2013. These roles involve helping to manage the country's economy and its financial relationships with other nations.
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Early Life and Education
Lael Brainard was born in Hamburg, West Germany. Her father was a U.S. foreign-service officer and diplomat. Because of his job, Lael grew up in West Germany and later Poland. This was before the big changes in Eastern Europe, like the Fall of the Berlin Wall.
She went to Wesleyan University and earned a Bachelor of Arts degree. Later, she studied at Harvard University, where she received her master's and doctoral degrees in economics. She was also a National Science Foundation Fellow, which means she received support for her studies. Lael Brainard is Jewish.
She has received several awards for her work. These include a White House Fellowship and the Alexander Hamilton Award for her service at the Department of the Treasury.
Career in Economics and Government
Lael Brainard has had a long and impactful career. She has worked in the private sector, for the White House, the Treasury Department, and the Federal Reserve.
Early Career and Research
Brainard began her career at McKinsey & Company. This company advises businesses on how to solve their big challenges.
From 1990 to 1996, she was a professor at the MIT Sloan School of Management. Here, she studied important economic topics. Her research looked at how making products in other countries affects jobs in the U.S. She also studied different types of unemployment.
Later, from 2001 to 2009, Brainard was a senior fellow at the Brookings Institution. This is a well-known research organization. She also directed their Global Economy and Development Program.
Working at the White House
In 1997, Brainard joined the Clinton administration at the White House. She served as a deputy national economic advisor. In this role, she helped coordinate important international meetings, like the Asia-Pacific Economic Cooperation (APEC) Leaders Meeting.
She also helped prepare for China to join the WTO. The WTO is an international group that sets rules for global trade. Brainard also worked on how the U.S. would handle global economic problems, like the 1997 Asian financial crisis. She helped create a new White House team to deal with these issues.
Role at the Treasury Department
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In 2009, President Barack Obama chose Brainard to be the Under Secretary of the Treasury for International Affairs. This role made her a key diplomat for the U.S. on global financial matters. The Senate confirmed her for this position in 2010.
At the Treasury Department, she managed international financial relations. She worked on issues like the economic crisis in Europe. She also encouraged China to let its currency be guided more by the free market. This means letting supply and demand, rather than government rules, set its value. She left this role in 2013.
Serving on the Federal Reserve Board
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In 2014, President Obama nominated Brainard to join the Federal Reserve Board of Governors. The Federal Reserve is the central bank of the United States. It helps manage the country's money supply and interest rates. The Senate approved her nomination, and she started her term in June 2014.
As a governor, Brainard worked on financial stability. She also focused on consumer affairs and how banks serve communities.
Becoming Vice Chair of the Federal Reserve
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In 2021, President Joe Biden nominated Brainard to be the Vice Chair of the Federal Reserve. This is a very important leadership role at the central bank. The Senate confirmed her nomination in April 2022. She officially became the Vice Chair in May 2022. She was only the third woman to hold this position.
Leading the National Economic Council
In February 2023, President Biden chose Brainard to be the Director of the National Economic Council (NEC). The NEC advises the President on economic policy. She was the second woman to serve as NEC Director. In this role, she also leads the White House Competition Council. This council works to make sure businesses compete fairly.
