(Reuters) - Lael Brainard is stepping down as Federal Reserve vice chair, the U.S. central bank said on Tuesday, confirming her departure as the Fed's second in command the same day that President Joe Biden named her to head his National Economic Council.
Brainard's departure is effective on or about Feb. 20, the Fed said.
"Lael has brought formidable talent and superb results to everything she has done at the Federal Reserve," Fed Chair Jerome Powell said in a statement. "That lengthy list includes her thought leadership on monetary policy and economic research, her stewardship of financial stability and the payments system, strengthening the financial system both domestically and globally, and helping to manage the immense operational agency challenges during the pandemic. My colleagues and I will truly miss her."
Brainard first joined the Fed's Board of Governors in 2014 and became vice chair last May.