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President Joe Biden on Monday named Federal Reserve Governor Lyle Brainard as central bank vice president, one of the Fed’s most vocal climate change critics overseeing bank regulation and monetary policy amid the economy’s post-pandemic recovery. Tap to help.

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Ending weeks of speculation over the appointments, Biden announced his choice to lead the Federal Reserve on Monday morning, with Brainard as vice chair and Powell as return chair for terms expiring in early 2026. as chosen.

After confirmation by the Senate, Brainard will replace Richard Clarida, the only Democrat on the Fed’s seven-member board, whose first term is set to end on January 31.

Brainard, 58, would just become third lady To serve as Fed Vice Chair, only by Treasury Secretary Janet Yellen, who was appointed by Obama and also served as Fed Chair from February 2014 to February 2018, and the late Alice Rivlin, who served from June 1996 Served as Vice President till July 1999. ,

As the inspection As doubts arose over Clarida’s possible reappointment on individual stock trades, Brainard’s bold stance on climate change has led many progressives to lead the Fed, especially compared to Powell, who this month said The Fed only has a “narrow mandate” on climate change.

Last month, Brainard laid out a preliminary blueprint for climate-related stress tests for large financial institutions, similar to the stress tests brought in after the Great Recession, to assess the capital needs of banks.

In discussing the “first generation” of such tests, Brainard said it would be “important” for climate-related risk scenarios, citing the record high cost of US weather disasters of $630 over the past five years. It will be “important” to introduce a systematic assessment of the resilience of financial institutions. Arab.

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