Question

Who is Lael Brainard and why is he/she important with respect to the US banking industry?

Answer 1

Lael Brainard took office as a member of the Board of Governors of the Federal Reserve System on June 16, 2014, to fill an unexpired term ending January 31, 2026.

Prior to her appointment to the Board, Dr. Brainard served as Undersecretary of the U.S. Department of Treasury from 2010 to 2013 and Counselor to the Secretary of the Treasury in 2009. During this time, she was the U.S. Representative to the G-20 Finance Deputies and G-7 Deputies and was a member of the Financial Stability Board. She received the Alexander Hamilton Award for her service.

Source: Federal reserve

• She is a board of governor she has the right to vote on Federal open Market committee - to increase or decrease interest rates - Fed funds rate.
• Plays a major role in banking supervisor.

The Board of Governors plays a major role in banking supervision, which entails the examination of depository institutions for safety and soundness and for compliance with laws and regulations. The Board's supervisory responsibilities extend to all bank holding companies, state-chartered banks that are members of the Federal Reserve System, and Edge Act and agreement corporations through which U.S. banks conduct operations abroad. In addition, the Board also oversees the activities of the U.S. branches of foreign banks. While the Board determines bank supervision policy, it delegates the task of conducting the examinations to the 12 Reserve Banks.