LIVE: Biden Formally Introduces Economic Team Nominees in Wilmington, Delaware
(Dec. 1) Watch live as President-elect Joe Biden officially introduces his economic team led by his pick for Treasury secretary, Janet Yellen, and several others who will be critical to crafting the incoming administration’s response to the economic fallout from the coronavirus pandemic. Yellen will join Biden and Vice President-elect Kamala Harris at an afternoon event in Wilmington, Delaware, on Tuesday, December 1, 2020. Also joining will be Neera Tanden, who Biden intends to nominate to run the Office of Management and Budget, and Cecilia Rouse, his intended nominee to lead the Council of Economic Advisers. Other nominees include Adewale Adeyemo, president of the Obama Foundation and a former senior adviser at BlackRock Inc., to be deputy Treasury secretary, and two progressive economists to be named to the CEA: Jared Bernstein and Heather Boushey. “As we get to work to control the virus, this is the team that will deliver immediate economic relief for the American people during this economic crisis and help us build our economy back better than ever,” Biden said in a Monday statement. All six will need to be confirmed by the Senate, control of which hangs in the balance until Jan. 5, when Georgia holds runoff elections for its two seats. Republicans have largely responded politely to Biden’s selection of Yellen, who in 2014 was confirmed 56-26 to a four-year term chairing the Federal Reserve board. But they’ve already set their sights on Tanden, who as president of the liberal Center for American Progress hasn’t shied away from fights with Republicans and even some progressives on cable TV and on Twitter. South Carolina Senator Lindsey Graham, likely to be chairman of the Budget Committee if Republicans keep the majority, on Monday predicted an “uphill” battle for Tanden. “We’ll cross that bridge when we get there,” he said. “She had a lot to say. Going to be a long hearing.” Biden has also selected Brian Deese, a BlackRock executive who spent eight years as an Obama economic and climate policy aide, to direct the National Economic Council. His appointment to the White House job, which does not require Senate confirmation, will not be formally announced until later in the week, a person familiar with the plan said. The choices show Biden turning to experienced Washington hands as he begins building his economic team, with an eye toward racial and gender diversity. If confirmed by the Senate, Biden’s initial economic picks would include multiple firsts. Yellen would be the first woman to lead the Treasury Department, Rouse would be the first African American to chair the CEA and Tanden would be the first Indian-American to lead OMB. Tanden worked on the Obama administration’s health-care policy efforts that culminated in the passage of the Affordable Care Act. Rouse also sat on the CEA and is currently dean of Princeton University’s School of Public and International Affairs. Adeyemo would bring international economic experience to the Biden team, complementing Yellen’s more domestic focus over the course of her academic and government career. He was deputy chief of staff to Jack Lew when he was Treasury secretary and was the first chief of staff of the Consumer Financial Protection Bureau under Elizabeth Warren. Bernstein was Biden’s chief economic adviser in the White House during Obama’s first term, and was an outside adviser to his presidential campaign, as was Boushey, who runs the Washington Center for Equitable Growth, and has advocated for paid parental leave and raising the minimum wage. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Connect with us on… YouTube: / bloomberg Breaking News on YouTube: / bloombergquicktakenews Twitter: / quicktake Facebook: / quicktake Instagram: / quicktake
