U.S. media said Biden to reorganize the economic team

International Business News – President Joseph Biden intends to reorganize his team of economic advisers to avoid a possible economic downturn interfering with his 2024 re-election campaign, U.S. online media outlet Politico reported on Feb. 1.

According to the report, the U.S. Federal Reserve Board Vice Chairman Lyle Brainard may replace Brian Dees as the director of the National Economic Council, Biden’s long-time close friend Jared Bernstein will replace Cecilia Rouse as the chairman of the White House Council of Economic Advisers.

Previously, Biden has selected Jeffrey Zinz to take over as White House Chief of Staff.

Biden reorganization of the economic team coincides with the U.S. economy “critical moment”. The Fed is slowing down the pace of interest rate increases, the U.S. job market situation is generally positive. However, the Fed’s policy can guide the U.S. economy to a “soft landing” is still a high degree of uncertainty.

Politico reported analysis, another consideration is to respond to the Republican Party on raising the federal government debt ceiling difficulties. Although Zinz is good at management and problem solving, but not keen on behind-the-scenes political deals. And Brainard and Bernstein hold a middle political position, with deep ties to Congress, both to satisfy Wall Street investors, if necessary, also do not exclude the Republicans to reach a compromise.

Biden has not yet announced the appointment of Brainard and Bernstein. Sources said the matter is basically finalized, but some said there are still other personnel alternative.

Although Biden has not formally announced that he will run in the 2024 presidential election, it is widely expected that he will seek re-election.