Politics

Biden’s Top Econ Adviser To Leave White House Amid Inflation, Recession Fears: REPORT

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, is anticipated to leave at around the same time as Cecilia Rouse, the first African-American chair of the Council of Economic Advisers, who 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.

Rouse, a professor of economics and public affairs at Princeton, was confirmed on March 2, 2021 and is expected to return to work at the university, according to Bloomberg.

The Biden team is reportedly considering Deputy Treasury Secretary Wally Adeyemo and White House pandemic relief coordinator Gene Sperling — who held Deese’s job under the Obama and Clinton administrations — as potential replacements for Deese, Bloomberg reported. To replace Rouse, the administration is reportedly considering either promoting from within or poaching someone from an academic institution.

The White House did not immediately respond to a Daily Caller News Foundation request for comment.