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President Joe Biden’s top economic advisor, Brian Deese, is anticipated to depart from the administration by next summer after Biden expressed frustration with Deese’s failure to predict the long-term impact of inflation, Bloomberg reported Thursday, citing anonymous sources.
Deese, director of the National Economic Council, not the only cabinet member leaving. Cecilia Rouse, the first African-American chair of the Council of Economic Advisers, is expected to conclude her two-year public service leave from Princeton University in early 2023, according to Bloomberg.
With a recession considered almost certain in the near future, if not already ongoing, replacements for the outgoing duo would join the Biden administration at a critical time, simultaneously fending off the newly GOP-controlled House of Representatives and continuing the administration’s efforts to combat inflation.
Despite having been previously rebuked by the president at multiple meetings for underestimating the impacts of inflation, according to Bloomberg, the president and other advisers have reportedly expressed a desire for Deese to stay.
Talk of personnel changes were simply rumors, one White House official told Bloomberg, citing the lack of a timeline for Deese to depart.
Deese — who was previously a senior Obama administration climate and energy adviser, serving as the deputy director of the National Economic Council — worked for asset-management firm Blackrock when he joined the Biden administration, according to Bloomberg.
Blackrock has been the target of criticism by Republican state treasurers, and they collectively plan to withdraw $1 billion in assets from the company over its alleged boycott of fossil fuels.
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