Brainard to Get New Deputy With Portfolio on Housing, Markets

(Bloomberg) -- President Joe Biden is promoting administration veteran Daniel Hornung to a role as deputy director at the National Economic Council, according to the White House.

Most Read from Bloomberg

• US Health Officials Urge Moving Pot to Lower-Risk Category

• Stocks Up Again in ‘Bad News Is Good News’ World: Markets Wrap

• Singapore S$1 Billion Laundering Scandal Embroils Its Banking Giants

• Fed Ramps Up Demands for Corrective Actions by Regional Banks

• Citadel Vets 69,000 Intern Applicants to Find Next Math Geniuses

Hornung will report to NEC Director Lael Brainard, with a portfolio focused on housing policy, economic data and strategy, as well as monitoring markets, the White House said Tuesday in announcing the move.

“Daniel has been a core member of the NEC from day one of this administration, providing expert analysis and execution on any topic thrown his way. Everyone at the White House has come to rely on Daniel as a go-to person on macro and housing,” Brainard said in a statement. “We are delighted that he will continue to advance the president’s economic agenda as a core leader of our team.”

Hornung joined the White House staff at the start of Biden’s tenure, most recently serving as special assistant to the president for economic policy.

He has worked on many of Biden’s economic speeches and statements, and was closely involved with the debt limit agreement the White House negotiated with House Republicans to avert a historic US default, as well as the Inflation Reduction Act — the Democrats’ signature climate, health and tax package.

That experience with the president’s messaging could prove fruitful as Biden struggles to persuade voters on his stewardship of the economy before next year’s election. The president has spent much of the summer touting his economic agenda of Bidenomics, crisscrossing the country to highlight its impact in bringing high-paying jobs to communities.

Read more: US Home Prices Climb for Fifth Month Amid Tight Inventory

Hornung developed a comprehensive score of the IRA for the White House, separate from the score provided by the Congressional Budget Office.

David Kamin, a former NEC deputy director, said he had worked closely with Hornung during his time in the White House. Kamin also highlighted Hornung’s role on housing, in particular affordability, which he called a continued priority for the administration.

The US is facing one of the costliest markets in decades, as home prices climb and as buyers compete with a limited supply.

Before joining the Biden White House, Hornung was a law clerk to then-Judge Merrick Garland on the US Court of Appeals for the District of Columbia Circuit. A Chicago native, he also held roles under President Barack Obama, including as a special assistant to the president focused on climate and economic policy and judicial nominations.

Most Read from Bloomberg Businessweek

• America Is the World Leader in Locking People Up. One City Found a Fix

• How a Tiny Mexican Border City Built a Budget Dental Empire

• Nigeria’s Train to Nowhere Shows How Not to Build Public Transit

• The Hostile Takeover of Blue Cities by Red States

• Can You Name These Cities?

©2023 Bloomberg L.P.