Patrick McHenryChairman

Washington, February 14, 2023 -

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to President Biden’s appointment of the Vice Chair of the Federal Reserve, Dr. Lael Brainard, as the director of the National Economic Council (NEC), and President Biden’s nomination of Dr. Jared Bernstein as Chair of the Council of Economic Advisers (CEA).

“President Biden’s selection of Fed Vice Chair Lael Brainard and Dr. Jared Bernstein to lead his economic team signals more of the same politicized economic mismanagement from the administration,” said Chairman McHenry. “Throughout their careers, Dr. Brainard and Dr. Bernstein have made their political agendas clear and have attempted to expand executive regulatory authority and control to accomplish it. I am concerned that in these new roles, they will again seek to politicize our financial system—harming American families already struggling under Biden-induced inflation and accompanying increasing interest rates. As the incoming leaders of the President’s economic team, I urge Dr. Brainard and Dr. Bernstein to put growth and prosperity ahead of politics.”

###