July 25, 2024
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Biden to Name Fed Vice Chairwoman Lael Brainard as Top Economic Adviser: Bloomberg

Brainard has led the Federal Reserve of the United States’ work on a future digital currency and has been keeping an eye on crypto policy talks until the central bank names a permanent vice chair for supervision.

Bloomberg News reported on Monday that US President Joseph R. Biden will select Federal Reserve Vice Chairwoman Lael Brainard as his top economic advisor, with an announcement expected as soon as Tuesday, citing people familiar with the situation.

According to Bloomberg, the White House and a Fed spokeswoman declined to comment on the decision, and Brainard could not be reached.

Brainard is one of the sector’s pioneers, according to CoinDesk on July 8, 2022.

“Recent volatility has shown severe weaknesses in the crypto financial system,” Brainard stated in a July 2017 address in London.

Brainard said the Fed has been “closely following recent developments where dangers in the system have crystallized and many crypto investors have experienced losses,” according to a transcript of the speech. “Strong regulatory safeguards will assist investors and innovators in developing a sustainable digital native financial system.”

Brainard has served as vice chairperson from May 20, 2022.