Scott Statement on the Appointment of Fed Vice Chair Lael Brainard to Director of the National Economic Council

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Tim Scott (R-S.C.) released the following statement after the White House announced the appointment of Fed Vice Chair Lael Brainard to serve as director of the National Economic Council.

"I have serious concerns with the appointment of Federal Reserve Vice Chair Lael Brainard to Director of the National Economic Council. It is no secret that Vice Chair Brainard wields significant influence in the Federal Reserve over monetary and supervisory policy. I do not expect this to change despite transitioning to the NEC. I have long been a proponent of Federal Reserve independence and remain concerned that this appointment blurs that line."

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