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 |
| 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. She held important roles in the U.S. government. From 2023 to 2025, she was the director of the National Economic Council. Before that, she served as the vice chair of the Federal Reserve from May 2022 to February 2023.
Brainard was also a member of the Federal Reserve Board of Governors starting in 2014. Earlier in her career, she worked as the Under Secretary of the Treasury for International Affairs from 2010 to 2013. She was nominated for these roles by Presidents Barack Obama and Joe Biden.
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Early Life and Education
Lael Brainard's father was a U.S. diplomat. Because of his job, she grew up in West Germany and Poland. This was before big changes happened 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 economics at Harvard University. There, she received her master's and doctoral degrees. She was also a National Science Foundation Fellow. Brainard received several awards for her work. These include the Alexander Hamilton Award and the Harvard GSAS Centennial Medal.
Career Highlights
Lael Brainard has had a long and important career. She worked in the private sector, for the White House, and in key government financial roles.
Early Career and Research
Brainard began her career at McKinsey & Company. This company advises businesses on their plans. She then became a professor at the MIT Sloan School of Management. From 1990 to 1996, she taught applied economics. Her research looked at how making goods 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
From 1997, Brainard worked in the Clinton administration. She was a deputy national economic advisor. In this role, she helped coordinate important international meetings. These included the Asia-Pacific Economic Cooperation (APEC) Leaders Meeting. She also helped prepare for China to join the WTO.
Brainard also worked on global economic challenges. For example, she helped deal with the 1997 Asian financial crisis. She also played a part in the 26th G8 summit in 2000. This summit was important because it included leaders from some of the world's poorest nations for the first time.
Role at the Treasury Department
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In 2009, President Obama chose Brainard for a new role. She became the Under Secretary of the Treasury for International Affairs. The Senate approved her for this job in April 2010.
In this position, Brainard managed international financial matters. She worked on the economic crisis in Europe. She also encouraged China to let its currency be guided more by the free market. She was a U.S. Representative to important financial groups like the G-20 and G-7. She left the Treasury Department in November 2013.
Serving on the Federal Reserve Board
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President Barack Obama nominated Brainard to the Federal Reserve Board of Governors in 2014. The Senate confirmed her, and she started her term in June 2014. The Federal Reserve is like the central bank of the U.S. It helps manage the country's money and economy.
On the Board, Brainard had several important duties. She chaired committees that dealt with financial stability, consumer affairs, and payment systems.
Becoming Vice Chair of the Federal Reserve
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In November 2021, President Joe Biden nominated Brainard to be the vice-chair of the Federal Reserve. The Senate confirmed her nomination in April 2022. She was sworn in on May 23, 2022. As Vice Chair, she was one of the top leaders helping to guide the U.S. economy. She was only the third woman to hold this important position.
Leading the National Economic Council
In February 2023, President Biden chose Brainard for another key role. She became the Director of the National Economic Council (NEC). The NEC advises the President on economic policy. She replaced Brian Deese in this role.
As NEC Director, Brainard also led the White House Competition Council. This council works to make sure there is fair competition in the economy. Brainard, along with other top officials, also helped connect lawmakers and other officials with the President.
