President-elect Joe Biden’s economic policy team has signalled its intention to be the first presidential administration ever to create economic policy around identity-based issues like race and gender equality, in addition to climate change.
Axios reports that the incoming administration intends to build its policy around non-traditional subjects rather than adhere to traditional indicators of healthy economies like GDP or deficit ratios.
According to the Axios report, the change in policy will shift power from Wall Street to D.C. The Biden administration made its first indications of the policy shift with Biden’s expected nomination of Gary Gensler, a long time opponent of Wall Street, to lead the Securities and Exchange Commission. He will be flanked by Sen. Sherrod Brown, who will head the Senate Banking Committee.
Axios has identified the planned economic policy as “visibly to the left” of Bill Clinton and Barack Obama.
Biden’s economic policies are being driven by progressive elements of the Democratic Party and will be led by incoming Treasury Secretary Janet Yellen, who will be the first woman to lead the Treasury Department in its 231-year history.
The economic policy shift marks a dramatic realignment of the Democratic Party from a liberal party to a progressive-leftist effort, in line with its neighbours to the north and south, whose policies are shaped by social justice rather than economic theory.