FAST FIVE: Brainard Wants To Be Next Fed Chair, But Biden Has Pegged Her To Head The Treasury: Report
Biden's focus on Brainard is further prompted by his desire to signal his sexual equality virtue: as Bloomberg notes, “the former vice president wants to make a historic choice for the job that has always been held by a White man, some of the people said.” And while she is not Elizabeth Warren, Brainard wouldn't upset Wall Street or progressives, two constituencies that Biden would want on his side in working toward an economic recovery and avoiding Democratic infighting.
Warren has fans who argue that she is skilled at communicating economic policy to the country and within Washington, and could help a Biden administration execute a larger-scale plan to reshape the economy than other candidates.
“There would probably be some measure of relief that it's not Elizabeth Warren but someone viewed as far less hostile.” Brainard, 58, a Harvard-educated economist, has been on the Fed's board since 2014.
Brainard has also been a firm proponent of Yield Curve Control, which the Fed may have no choice but to unleash if Goldman is correct, and there is a Democratic sweep which leads to an even greater flood of spending and a 40bps (or more) spike in Treasury yields.
And while none of the above is unexpected, what may come as a surprise to some is that Brainard “has expressed more interest in being Fed chair than in leading the Treasury, but wouldn't turn Treasury down if offered.” Which means that if Biden wins and for whatever reason Brainard is passed over the Treasury job, which may well become the next Fed chair.