Kurt M. Campbellm. 1998
Lael Brainard/Husband

Ms Brainard, a Harvard-trained economist, has sat on the Fed board since 2014. She has been in and out of government jobs since the 1990s, including as the Treasury department’s undersecretary for international affairs—in effect, America’s most senior economic diplomat—under Barack Obama.

“This all said, both Powell and Brainard are doves, so the eventual approach won’t be that much different with respect to monetary policy.”.

As part of its new framework, the Fed describes full employment as a “broadbased and inclusive goal.” That’s shorthand for looking not just at the aggregate unemployment rate but at labor-market indicators for different segments of the population, including Black unemployment.

59 years (January 1, 1962)
Lael Brainard/Age

But Powell’s chief rival for the top job is Fed Governor Lael Brainard, a dove on monetary policy. Another potential candidate, Atlanta Fed President Raphael Bostic, has also favored accommodative policies though he has sounded more hawkish lately. Several Republicans have urged Biden to retain him.

Jerome Powell
Incumbent. Jerome Powell The chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, which is the central banking system of the United States.

While George has been a longtime policy hawk and Bullard has changed his views to more hawkish this year in light of a stronger job market, both will gain votes in 2022 on the policy-setting Federal Open Market Committee. Kaplan, also a hawk, will vote next in 2023.

James Bullard is an out and out dove as he made it quite obvious before the meeting that a rate cut is coming.

Full employment is an economic situation in which all available labor resources are being used in the most efficient way possible. Full employment embodies the highest amount of skilled and unskilled labor that can be employed within an economy at any given time.