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Brainard’s Nomination Promotes a Close Powell Ally on Recent Fed Innovations

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President Biden’s decision to nominate Lael Brainard to become Federal Reserve vice chairwoman elevates a veteran policy maker and economist who has been a strong ally of Chairman Jerome Powell on the central bank’s boldest policy decisions during the pandemic.Ms.

Brainard was a key adviser to Mr. Powell as the Fed scaled up emergency-lending backstops last year, and she provided influential intellectual support for his effort last year to revamp the Fed’s policy-setting framework.

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