It was during his childhood in what was then West Germany and communist Poland that Lael Brainard first began to recognize how different economic systems offer different opportunities.
The daughter of a diplomat, Brainard noted Poland’s poverty and all that it lacked—consumer choice, widespread entrepreneurship, general economic opportunity—and contrasted it with Germany’s life and all that it had—good jobs and a healthy environment for small businesses .
Now…
It was during his childhood in what was then West Germany and communist Poland that Lael Brainard first began to recognize how different economic systems offer different opportunities.
The daughter of a diplomat, Brainard noted Poland’s poverty and all that it lacked—consumer choice, widespread entrepreneurship, general economic opportunity—and contrasted it with Germany’s life and all that it had—good jobs and a healthy environment for small businesses .
Now the newly appointed director of the White House National Economic Council, Brainard will lean on that background as she works to shape and implement President Joe Biden’s economic agenda.
“My north star is, ‘How are working families doing?’ Brainard says. “And, ‘How is this policy change going to expand opportunities for, or improve the financial security of, working American families?’ ”
Brainard joined the administration in February after more than eight years on the Federal Reserve Board of Governors, including nine months as the central bank’s vice chairman. She was known there as a strong and thoughtful leader who was not afraid to push back on aspects of the Fed’s deregulatory agenda.
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“The liquidity failure of a large banking institution with $250 billion to $700 billion in assets — or even $100 billion to $250 billion — would pose a significant risk of loss to the deposit insurance fund,” she said in a 2019 dissent after the board adopted a set of deregulatory actions.
With the collapse of Silicon Valley Bank and Signature Bank — which some critics argue could have been prevented if banking regulations hadn’t been rolled back — Brainard is now part of the team of officials working to contain the crisis and prevent further financial panic sector.
Write to Megan Cassella at megan.cassella@dowjones.com