Senate confirms liberal favorite Lael Brainard as Fed’s new vice chairwoman

The Senate voted on Tuesday to confirm Lael Brainard as the Federal Reserve’s vice chairwoman. Brainard, a Democrat who up until now had served as a member of the Fed’s Board of Governors but not as its vice chairwoman, is well-liked on the Left and, prior to being nominated to the No. 2 role at the central bank, had been considered to lead the Fed. The vote to confirm her as vice chairwoman was 52-43. Brainard faced a grilling by Republicans on the Banking Committee during her confirmation hearing.