The candidates for Biden’s chief economist are Fed Vice Chairman Lael Brainard and Treasury official Wally Adeyemo.

New York

The White House is considering replacing chief economist Brian Deese with a number of senior federal government officials, including Federal Reserve Vice Chairman Lael Brainard and Deputy Treasury Secretary Wally Adeyemo, a person familiar with the matter told CNN Wednesday.

The process of replacing Diz as head of the powerful National Economic Council is ongoing and the situation is unstable, the source said.

Dees became one of the faces of President Joe Biden’s economic program, making frequent television appearances to explain the administration’s views and policies. CNN previously reported that Dees planned to retire.

Dees had long planned to leave in the first few months of this year and is playing a role in choosing a replacement. As head of Biden’s economic council, he was the driving force behind the administration’s economic policy and legislative agenda for two years and has been one of the most powerful NEC directors in recent memory.

National Economic Council director Brian Deese speaks to reporters at the White House on July 26, 2022 in Washington, DC.

In addition to Brainard and Adeyemo, contenders to replace Deese include Biden senior adviser Gene Sperling, former Health and Human Services Secretary Sylvia Matthews Burwell and NEC Deputy Director Bharat Ramamurthy, a person familiar with the matter told CNN.

The Washington Post first reported on the leading candidates to replace Deese.

The White House declined to comment.

Brainard was considered a top contender for the Fed’s chairmanship before Biden ultimately decided to renominate Jerome Powell. Brainard, a former Treasury official in the Obama administration and Fed governor since 2014, was promoted to vice central bank governor instead. 2 official

U.S. Deputy Secretary of the Treasury Wally Adeyemo on October 13, 2022 in Washington, DC.

If Brainard assumes the role of the NEC, it would open up a critical position for Biden at the Fed at a time when the central bank’s rapid rate hikes have led some Democrats to fear that an aggressive stance on curbing inflation could backfire on the economy. broad economy.

The Federal Reserve declined to comment.

CNN’s Phil Mattingly contributed to this report.