Lael Brainard emerges as contender to become top White House economist

Lael Brainard, the second-in-command at the Federal Reserve, is a contender to become the next top economist at the White House, in what would be a major shake-up for the US central bank as it grapples with the worst inflation problem in decades.

According to people familiar with the matter, the Biden administration is considering Brainard, who served as under-secretary for international affairs at the Treasury department during Barack Obama’s administration, to replace Brian Deese as the next head of the National Economic Council.