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At a hearing before the Senate Banking Committee on her nomination to become Vice Chair of the Federal Reserve Board ("FRB"), Governor Lael Brainard argued that monetary policies must be "focused on getting inflation back down to 2 percent while sustaining a recovery."
Governor Brainard addressed rising rates of inflation, stating that lowering the rate is the most important task for the FRB moving forward. Governor Brainard also highlighted the economy's strong rebound in terms of growth and unemployment, noting that this has been the strongest economic recovery in 50 years.
Governor Brainard referenced her prior experience dealing with economic distress, including on (i) stabilizing financial markets during the pandemic, (ii) supporting a recovery post-Global Financial Crisis, and (iii) protecting the economy against contagion effects from economic crises abroad. She reiterated her commitment to the FRB's goals of price stability, maximum employment and maintaining the integrity of the financial system.
Governor Brainard was nominated by President Joseph R. Biden for Vice Chair of the FRB on January 4, 2022. She served on the FRB since being nominated and confirmed in 2014 under President Barack Obama's Administration.
Primary Sources
- FRB Governor Lael Brainard: Nomination Hearing Testimony
- Senate Banking Committee: Nomination Hearing
- Senate Banking Committee: Toomey Opening Statement at Brainard, Thompson Nomination Hearing
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