|Undersecretary of the Treasury for International Affairs|
April 20, 2010 – November 8, 2013
|Preceded by||David McCormick|
|Succeeded by||D. Nathan Sheets|
|Born||1962 (age 51–52)|
|Alma mater||Wesleyan University
Lael Brainard (born 1962) is a member of the U.S. Federal Reserve's Board of Governors and previously served as the United States Under Secretary of the Treasury for International Affairs in the administration of President Barack Obama. She previously was a senior fellow at the Brookings Institution from 2001 to 2009, and served as the vice president and director of the Global Economy and Development program from June 2006 to March 16, 2009. Brainard was confirmed by the United States Senate to her post on April 20, 2010. She left her post at the U.S. Treasury in November 2013. On Wednesday, February 12, 2014, the White House Press Office announced that U.S. President Barack Obama had nominated D. Nathan Sheets, of Maryland, to the U.S. Senate, for possible confirmation as her replacement.
Early life and education
Brainard grew up as a U.S. expatriate in Communist Poland and Germany before the fall of the Berlin Wall. She is an alumna of the George School class of 1979, a boarding school in Newtown, Bucks County, Pennsylvania. Brainard received masters and doctoral degrees in economics from Harvard University, where she was a National Science Foundation Fellow. She graduated with highest honors from Wesleyan University with a degree from the College of Social Studies. She is the recipient of a White House Fellowship and a Council on Foreign Relations International Affairs Fellowship, a Marshall Scholar elect, and a member of the Wesleyan University Board of Trustees, Council on Foreign Relations, and Aspen Strategy Group.
Brainard served as Associate Professor of Applied Economics at the MIT Sloan School of Management, where her publications made important contributions on the relationship between offshore production, trade, and jobs; the measurement of structural and cyclical unemployment in the U.S. economy; and strategic trade policy. Brainard has also worked at McKinsey & Company advising corporate clients on strategic challenges and on microenterprise in West Africa.
Brainard served as Deputy National Economic Adviser and Chair of the Deputy Secretaries Committee on International Economics during the Clinton administration. As Deputy Director of the National Economic Council, she helped build a new White House organization to address global economic challenges such as the Asian financial crisis and China's accession to the World Trade Organization. As the U.S. Sherpa to the G8, she helped shape the 2000 G8 summit that, for the first time, included leaders of the poorest nations and laid the foundations for the Global Fund to Fight AIDS, Tuberculosis and Malaria. She had been mentioned as a likely U.S. Trade Representative in the Obama administration.
On March 23, 2009, President Obama nominated Brainard to serve as Under Secretary of the Treasury for International Affairs, to replace David H. McCormick, whose term had ended with the end of the Bush administration.
On November 18, 2009, the New York Times reported that Senator Charles Grassley, the chairman and ranking Republican on the Senate Finance Committee, had cleared the way for her Senate confirmation as Undersecretary of the Treasury for International Affairs. Reuters News Service reported on December 23, 2009, that the Senate Finance Committee had approved Brainard to become the "Treasury Department's top global diplomat, a job that would give her a key role in the bid to push China toward a flexible currency".
Brainard has since served as the principal policy advisor to Secretary Geithner on international economic matters at the Treasury Department. Treasury describes her role as advancing the Administration’s agenda of strengthening U.S. leadership in the global economy to foster growth, creating economic opportunities for Americans, and addressing transnational economic challenges, including development and climate change. Brainard is the highest-ranking female Treasury official in American history, and plays a critical policy role as the most important financial diplomat in the Administration’s efforts to sustain recovery from the financial crisis and strengthen global growth. She left her post as the US Treasury in November 2013.
Brainard is married to Kurt Campbell, the former Assistant Secretary of State for East Asian and Pacific Affairs.
Brainard is co‑editor of Too Poor For Peace? (2007); co-editor of Offshoring White Collar Work (2006); editor of Transforming the Development Landscape: the Role of the Private Sector (2006) and Security by Other Means: Foreign Assistance, Global Poverty and American Leadership (2006); and coauthor of The Other War: Global Poverty and the Millennium Challenge Corporation (2004).
Select recent publications include “Services Offshoring, American Jobs, and the Global Economy,” with Robert E. Litan, Perspectives on Work (Winter 2005); “Reassessing National Security,” with Michael O’Hanlon, in Alice Rivlin and Isabel Sawhill, eds., Restoring Fiscal Sanity (2004); “Building Common Ground on Trade Demands More Than a Name Change,” with Hal Shapiro, The George Washington International Law Review, 2003; “Compassionate Conservatism Confronts Global Poverty,” The Washington Quarterly, Spring 2003; “The Implications for the Global Economy of America’s Campaign against Terrorism,” Cambridge Review of International Affairs, July 2002; and “Are U.S. Multinationals Exporting U.S. Jobs?” with David Riker, in David Greenaway and Douglas Nelson, eds., Globalization and Labour Markets (Elgar, 2001).
- Brainard interview, Charlie Rose via PBS, February 21, 2012. Retrieved 2012-02-22.
- Smith, Ben, "Labor Pained", Politico, November 25, 2008. Accessed November 26, 2008.
- Lowrey, Annie, "Lael Brainard is Washington's Financial Envoy to Euro Crisis", New York Times, 26 January 2012. Retrieved 28 Jan. 2012.
- Puzzanghera, Jim (10 January 2014). "Obama to nominate Stanley Fischer, 2 others to Federal Reserve seats". LA Times. Retrieved 10 January 2014.
- "U.S. Senate Roll Call Votes 113th Congress - 2nd Session, Vote 189". Senate Bill Clerk. June 12, 2014. Retrieved June 12, 2014.
- Vogel, Kenneth P., "15 Obama administration power couples", Politico, June 15, 2009.
- Federal Reserve Biography
- Brainard's expert page at the Brookings Institution
- Speech by Brainard on “Assessing the Economic Implications of the Seoul G-20 Summit”
- Remarks by Brainard on “Two Years after the Crisis: The Global Economic Agenda”
|Undersecretary of the Treasury for International Affairs