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Lael Brainard Walks Tightrope Toward Next Job With Fed Chair in Play

  • She’s also a contender to become Fed’s top bank regulator
  • Accepting post as Fed’s Wall Street watchdog poses risks
Bloomberg business news

Aug. 4: Chair Powell Is Weak on Regulation, Says Warren

Lael Brainard’s record fighting back as the Trump administration loosened the leash on Wall Street has made her a leading candidate to be the Federal Reserve’s banking watchdog. And that’s not the only job she’s in line for. 

The central bank’s lone Democratic governor, Brainard is also being discussed for more prominent Biden administration appointments, including to replace Fed chairman Jerome Powell and, potentially, for Treasury secretary if Janet Yellen leaves. That makes the role of bank supervision chief appear like a consolation prize, one that could block Brainard from securing the more prestigious posts, people familiar with the selection process said.