Lael Brainard says fighting inflation is the Fed’s ‘most important task.’

Lael Brainard, nominated by Joe Biden as vice-chair of the Federal Reserve, told Congress that the fight against rising inflation and the “most important function” of a central bank in the US in line with Fed Fed monetary policy.

“Prices are high, and workers across the country are worried about how far their pay will go,” Brainard, the Fed’s governor, said in a statement issued before a Senate banking committee on Thursday.

“Our investment is focused on improving inflation by up to 2 percent and promoting inclusive recovery. This is our most important job,” he added.

If approved by the Senate, Brainard, 60, could be second-in-law to the Fed after the rise of US economic policies, including serving as head of the Treasury for international affairs under former president Barack Obama and nearly eight years on the Fed.

The central bank is moving fast following a strong monetary policy stance based on what happened late last year on its assumptions about inflation and the risks it poses to inflation. At a press conference Tuesday, Federal chairman Jay Powell warned that inflation was “high.”high risk”To the labor market with the prospect of long-term economic growth.

Brainard is often seen as inconsistent with monetary policy, but his evidence suggests he is in the arena with a view to rising prices. In his opening remarks, he recounted his experiences around the world to demonstrate his determination to end inflation.

“In some foreign countries, I have seen almost how rising inflation is hurting workers and families, especially those most at risk,” he says.

Consumer numbers rose 7 percent year-on-year last month, down from 6.8 percent recorded in November and the biggest jump since June 1982.

Fed officials have already said so he showed up to help us as a result of interest rates will increase threefold next year, as they increase the rate at which they pay for the incentive program to buy bonds. The “withdrawal” of the Fed’s high interest rate is now highly anticipated in March, with a $ 9tn reduction that begins at the end of the year.

Brainard is expected to face some tough questions, especially from Republican lawmakers who want to lead what Bill Hagerty, a Tennessee senator, described as a “freedom fighter” of Biden’s electorate who would follow Powell and impose a democratic policy on the Fed.

Brainard tried to counteract such concerns with his words. “I have committed myself to an independent and impartial role in the Federal Reserve. If confirmed, I hope to assist Chairman Powell in fulfilling his role in the Federal Reserve and in promoting transparency and accountability for you and the American people,” he said.

Although Brainard is often associated with Powell and other members of the Federal Open Market Committee on monetary policy matters, he spoke openly to the central bank on management issues.

During his time in the Fed, he decided more strongly than his peers about how Wall Street should be detained by the police, protesting more than 20 times over votes in a change in legislation that would reduce the rules on major financial institutions.

This earned him the admiration of progressive Democrats, who for months had asked Biden officials to replace Powell and Brainard.

His efforts to promote guidelines on how banks can help the poor also tarnished his reputation among Biden party members, as well as his insistence that the Fed incorporate climate-related economic risks in its review.