Who Will Replace Lael Brainard at the Fed? Here Are Some Names to Know

By Robert Schroeder and Gregg Robb

Names of possible replacements for Lael Brainard at the Federal Reserve have begun to circulate around Washington, and President Joe Biden is facing some pressure to choose a Latino candidate as the central bank’s new vice chair. Brainard has taken a post as head of the White House’s National Economic Council, creating a vacancy on the Fed’s seven-member board of governors. Brainard was also the Fed’s vice chair, serving as No. 2 to Fed Chairman Jerome Powell….Karen Petrou of Federal Financial Analytics said she didn’t think Menendez would hold up a Biden Fed nominee in the banking committee even if there were no Latino candidates on the list. Petrou said it’s hard to tell if the Fed vacancy is on a fast track. Historically, appointments to the Fed and other financial regulatory agencies haven’t been a priority, she noted.