President-Elect Joe Biden and His Economic Team

In less than two months, Joe Biden will replace Donald Trump. It is not surprising that journalists, investors, as well as analysts would like to learn more about Biden and his economic policies.

It is worth mentioning that, president-elect Joe Biden and his transition team announced on Monday several nominees and appointments for the incoming administration’s top economic posts. Interestingly, former Federal Reserve Chair Janet Yellen would be Biden’s official nominee for Treasury secretary. People should take into account that, if confirmed by the Senate, Yellen would be the first woman to occupy this position. The history of the Treasury Department dates back to the 18th century.

Moreover, Biden nominated Neera Tanden to serve as director of the Office of Management and Budget. Importantly, Tanden would be the first woman of color to lead the Office of Management and Budget. According to the president-elect, the team has the ability to deliver immediate economic relief for the American people. Moreover, the team will play an important role when it comes to rebuilding the economy.

Also, macroeconomic and national security advisor Wally Adeyemo was nominated to serve as deputy secretary of the Treasury. As a reminder, he previously served as the chief of staff at the Consumer Financial Protection Bureau. Moreover,  in the past, Wally Adeyemo worked as the deputy director of the National Economic Council (NEC) and deputy national security advisor. Importantly, if confirmed, Adeyemo would be the first African American deputy secretary of the Treasury.

Joe Biden and National Economic Council

It is worth mentioning that, notably absent from the Biden team’s announcement, it did not include the information about the director of the National Economic Council. Interestingly, the director of the NEC is often considered an acting president’s top economic advisor.

Importantly, multiple media outlets reported that BlackRock executive Brian Deese is the top contender for the role. As a reminder, Larry Kudlow is the current director of President Donald Trump’s National Economic Team.

Moreover, the Biden team nominated Cecilia Rouse, one of the country’s top labor economists, to serve as chair of the Council of Economic Affairs (CEA). If confirmed, Cecilia Rouse will become the first African American and the fourth woman to lead the CEA. It is worth noting that, CEA is typically a small team of experts who offer the president advice and possible directions for economic policy.

Jared Bernstein will also serve on the CEA as well as Heather Boushey who is an inequality economist. She co-founded the Washington Center for Equitable Growth. Bernstein served as Biden’s chief economist during the Obama administration.

Joe Biden is willing to take important steps to boost the country’s economy.