WASHINGTON—President Joe Biden announced has staff changes for the White House’s economic policy team, while a retirement announcement by a senator has garnered words of praise from the CU trade groups.
Federal Reserve Vice Chair Lael Brainard will resign from her post next week to lead the President’s National Economic Council (NEC), considered to be an influential policy office inside the West Wing. Biden also announced his nomination for longtime adviser Jared Bernstein to become the next chair of the Council of Economic Advisers.
While Brainard will not face Senate confirmation for her new role as NEC director, Bernstein will need to undergo the full Senate confirmation process prior to commencing his role as the president’s chief economist, NAFCU noted.
“Brainard’s new position as NEC director will create a vacancy at the Fed amid its longstanding inflation battle. Biden will need to nominate a candidate to fill the central bank’s vacancy that will be subject to the full Senate confirmation process,” NAFCU stated.
‘Historic Challenges’
In her resignation letter, effective Feb. 20, Brainard stated, “Our economy has faced historic challenges over the nine years I have worked at the Federal Reserve Board, and I have been proud to work on behalf of all Americans to promote price stability and maximum employment, as well as a strong and resilient financial system.”
Additionally, Labor Department Chief economist and former Biden White House staffer Joelle Gamble will return to the White House to serve as a deputy to Brainard. Bharat Ramamurti, a former aide to Sen. Elizabeth Warren (D-MA), will remain in a deputy role under Brainard and become adviser for strategic economic communications.
Senator to Retire
Separately, Sen. Dianne Feinstein (D-CA) announced she will not seek re-election in 2024.
Feinstein has served in the Senate since 1992 and was the first woman to chair the Senate Rules Committee and Senate Select Committee on Intelligence.
CUNA: ‘Always Willing to Meet’
“We thank Sen. Feinstein for her longtime support of credit unions, particularly on bills to enhance member business lending and provide a clear data breach notification standard,” said CUNA President/CEO Jim Nussle. “She recognized credit unions on the Senate floor for International Credit Union Day and was always willing to meet with the California Credit Union League and credit unions from across the state. We wish her the best going forward.”
California/Nevada League: ‘Indebted Gratitude’
“After so many years of service to Californians and support for credit unions and the members they serve, we want to express our indebted gratitude to Sen. Feinstein as she finishes the remainder of her term. Credit union leaders have been honored to work with the Senator since she was first elected in 1992," said Diana Dykstra, president/CEO of the California and Nevada Credit Union Leagues. "She has always recognized the importance of local credit unions and their mission to provide dependable and honest member-owned financial services within all types of communities across the state. We want to thank the senator for being a friend of credit unions and championing impactful legislation that continues to uplift the financial wellbeing of millions of local households and consumers.
"For credit unions, the senator’s unyielding support of who we are as a movement and the individuals we serve has etched a powerful legacy within this period of history — and for that, she holds our sincere recognition and gratitude," she added.
Feinstein has co-sponsored legislation to raise the member business lending cap to 27.5% of assets (from the current 12.25% of assets), require timely notification after data breaches, and create a $2 billion Community Development Financial Institution pandemic crisis fund.
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