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Austan Goolsbee Considered for Fed's Vice Chair Position

The White House may nominate Austan Goolsbee as the Fed's vice chair. The current president of the Chicago Fed is considering replacing Lael Brainard.

Austan Goolsbee, Chairman of the Federal Reserve Bank of Chicago
Austan Goolsbee, Chairman of the Federal Reserve Bank of Chicago

The White House mulls nominating Austan Goolsbee, Chicago Federal Reserve President, as vice chair of the Fed's Board of Governors. The role will be vacant following Lael Brainard's departure to join the National Economic Council. Goolsbee has been in his current role for a month and has yet to make any public comments about monetary policy. The Fed vice chair typically holds a PhD in economics and is responsible for forming US monetary policy.

Goolsbee's Background and Brainard's Resignation

Goolsbee served as the head of the White House Council of Economic Advisers during the Obama administration and held a PhD from the Massachusetts Institute of Technology. Brainard has been a Fed board member since 2014 and became vice chair last May. She recently announced her resignation and will leave the Fed around Feb. 20th to take up her new role.

Austan Goolsbee, Chairman of the Federal Reserve Bank of Chicago
Austan Goolsbee, Chairman of the Federal Reserve Bank of Chicago

Goolsbee's First Federal Open Market Committee Meeting

Goolsbee voted in favor of the Fed's latest rate hike in his first Federal Open Market Committee meeting two weeks ago. The Wall Street Journal's report cited unnamed individuals familiar with the situation. Like Brainard, he had previously noted the risks the Fed faces in raising interest rates too quickly.

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