AP source: Biden to name Brainard to head Economic Council

President Joe Biden plans to name Federal Reserve Vice Chair Lael Brainard as the new director of his National Economic Council. That would make the Ph.D. economist a key point person for coordinating policy, talking with business leaders and negotiating with Congress. An announcement is expected Tuesday, according to a government official who spoke on condition of anonymity because it was not yet public. Biden also plans to nominate longtime adviser Jared Bernstein to be chair of the White House Council of Economic Advisers. Brainard and Bernstein would be moving into top spots at a crucial juncture for the U.S. economy. Inflation remains high at 6.4% and has contributed to fears of a recession.