White House considering former Obama official for Fed vice chair: report

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Austan Goolsbee: The decrease in inflation ‘might not be as rapid as everyone wants’

Economists Austan Goolsbee and Kevin Hassett weigh in on the current rate of inflation on ‘WSJ at Large.’

The White House is looking at former Obama economic adviser and newly-appointed Chicago Federal Reserve chief Austan Goolsbee as a possible option to replace Lael Brainard as vice chair of the Federal Reserve, The Wall Street Journal reported Wednesday.

The outlet cited sources familiar with the situation, but the Biden administration has remained publicly mum on who might be in the running so far. 

Austan Goolsbee, a professor at the University of Chicago, speaks during the Obama Foundation “Democracy Forum” in New York City, Nov. 17, 2022.  (REUTERS/Brendan McDermid / Reuters Photos)

When asked by FOX Business about prospective Brainard replacements, a White House official said, "We will move quickly to nominate someone for the Fed vice chair seat in the near future but don’t have anyone to preview at this time."

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Goolsbee, 53, served as chair of the Council of Economic Advisers under President Obama from 2010 to 2011 and was a professor at the University of Chicago for several years before he took the helm as president and chief executive of the Chicago Fed last month.

President Barack Obama, second from right, with members of his cabinet and economics team at the White House Sept. 15, 2010, in Washington, D.C. Council of Economic Advisors Chairman Austan Goolsbee is second from the left. (Chip Somodevilla/Getty Images / Getty Images)

Although Goolsbee served under the Obama-Biden administration previously, he has not been in lockstep with President Biden's economic agenda. 

KARINE JEAN-PIERRE SAYS BIDEN'S ‘ECONOMIC PLAN IS WORKING’ DESPITE HOUSEHOLD INCOME DROP, STUBBORN INFLATION

The former top White House adviser's responses to a University of Chicago poll of economists shows he has disagreed with several of the Biden administration's initiatives, including student debt relief, electric vehicle tax credits and a windfall tax for the oil industry.

Lael Brainard, vice chair of the Federal Reserve, shakes hands with Jerome Powell after he took the oath of office for his second term as chair of the Board of Governors of the Federal Reserve System May 23, 2022, in Washington, D.C.  (Drew Angerer/Getty Images / Getty Images)

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Brainard is leaving the central bank after President Biden appointed her last week to head up his National Economic Council. She was tapped to succeed Brian Deese, who is stepping down this month.

FOX Business' Edward Lawrence contributed to this report.

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