Federal Reserve vice chair to become top Biden economist

By Phil Mattingly, Chief White House correspondent

President Joe Biden will name Federal Reserve Vice Chair Lael Brainard as his top economic adviser, according to two sources familiar with the matter, with an announcement expected as soon as Tuesday.

The White House had been considering a number of senior officials in the federal government to replace top economist Brian Deese, including Brainard and deputy Treasury Secretary Wally Adeyemo, a person familiar with the matter told CNN last month.

Brainard, a former Treasury official in the Obama administration and a Fed governor since 2014, was seen as a leading contender, two people familiar with the matter previously told CNN.

Bloomberg first reported on Brainard’s pending selection.

The White House declined to comment to CNN on the matter.

This story is breaking and will be updated.

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CNN’s Matt Egan contributed to this report.