A dark The room contained a small conference table and a desk that didn’t look like the focal point of the U.S. economy. But the Director of the National Economic Council (nec) office is located in the West Wing of the White House and is a vital place. Over the past two years, its owner, Brian Deese, has charted the government’s response to the covid-19 slowdown, inflation and China. Over the next few days, Lyle Brainard, who has served on the Fed’s board since 2014, will take over the small but powerful office.
In Washington’s powerful political machine, at first glance nec Also seems insignificant. It’s young – only 30 years old – and only 30 employees. But it serves as a clearinghouse for economic debate in the White House, helping the president strategize. Then coordinate the various departments to implement the policy. With power concentrated in Joe Biden’s White House, nec It gained influence over cabinet bodies, especially the Treasury.
Mr. Deese stepped down in time for a reorganization following the midterm elections. He’s had a productive run. Congress has passed four major pieces of economic legislation, totaling trillions of dollars in spending: the COVID-19 recovery plan, and huge investments in infrastructure, semiconductors and clean technology.
The success of the legislation stems from the joint efforts of officials. But Mr. Deese is always at the center of things. “He has a thorough understanding of every issue,” said Jason Furman, the commission’s deputy director. Under Barack Obama. Mr Deese worked with Republicans to secure passage of infrastructure bills and with staunch Democratic Senator Joe Manchin on climate law.
However, such legislative success does not always lead to real-world success. The pandemic package fueled inflationary pressures the U.S. is still struggling to control; the administration’s industrial policies have angered allies, who see them as protectionist. That task falls to Ms. Brainard, a seasoned policymaker, to see through the wide-ranging program and correct missteps. “She has the ability to roll up her sleeves and get things done,” said Wendy Edelberg of the Brookings Institution think tank. With a divided Congress, any more ambitious plans for the next two years are almost impossible.
Her story may help President Biden reassure allies concerned about his subsidies. As America’s top financial diplomat under President Obama, Ms Brainard has worked well with other countries, a quality that will again be sought after. At the same time, she will also play a role in ensuring that the United States escapes and raises the debt ceiling. Ms Brainard’s background as both a central bank governor and a Treasury official makes her well-suited to navigate budget issues.she still needs all the weight nec It’s okay to do things her way. ■
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