Lael Brainard’s White House Challenge: Shielding Fallout From High Inflation, Rates

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WASHINGTON—As a top Federal Reserve official, Lael Brainard sounded an alarm four years ago that rolling back rules on midsize banks could sow the seeds of a future crisis. 

Last month, after two regional lenders failed, Ms. Brainard found herself on a video call with President Biden explaining how to clean up the very mess she had warned about.

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