‘Worst of Big Government’: Lael Brainard Selected as VP of the Fed

Watch Fox Business Network’s Neil Cavuto’s interview with economist Lael Brainard on “Varney & Co.” Sunday at 11a ET.

The Republican-controlled Federal Reserve has tapped highly-regarded, former senior Treasury Department official Lael Brainard to be vice chair of the federal reserve bank, where she’ll help set monetary policy.

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A year ago, President Trump tapped Chair Janet Yellen to keep the position after she was previously appointed by President Obama. That appointment was affirmed unanimously by the Senate last month.

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Labor Secretary Alexander Acosta, a Trump appointee, will become vice chair.

The newly-created position puts Brainard in a role to shape the direction of U.S. monetary policy, according to The Wall Street Journal.

Mrs. Brainard will start in her new position next month. She has been serving as the Treasury Department’s undersecretary for international affairs.

According to Crain’s New York, the U.S. has grown “dismayed” at the lopsided influence of the Bank of Japan on the global economy.

Watch “Varney & Co.” at 11a ET on Fox Business Network.

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