White House says it will have something in near future on Fed vice chair nominee

WASHINGTON (Reuters) – The White House said it would have news soon on President Joe Biden’s nominee to serve as vice chair of the Federal Reserve Board of Governors.

Biden is considering a number of candidates to replace Lael Brainard, who left her post as Fed vice chair last month to become Biden’s top economic adviser.

White House press secretary Karine Jean-Pierre told reporters that the nomination was a priority for Biden.

“We don’t have anything to preview with regard to the candidate or announcements, but clearly, we’ll have something in the near future,” she said.

Brainard has been a Fed board member since 2014 and its vice chair since last May. She took up her duties at the White House late last month.

The Fed vice chair plays a key role in forming U.S. monetary policy and is typically held by a PhD economist.

(Reporting by Steve Holland and Andrea Shalal; Editing by Chris Reese and Chizu Nomiyama)