Joe Biden has announced six new additions to his economic team, calling them “crisis-tested” and claiming they could “lift America out of the current economic downturn and build back better.”
Biden announced his intent for former Chair of the Federal Reserve Janet Yellen to serve as his cabinet’s Treasury Secretary, marking her as the first woman to lead the Treasury Department in its 231-year history.
“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. “This team is comprised of respected and tested groundbreaking public servants who will help the communities hardest hit by COVID-19 and address the structural inequities in our economy. They will work tirelessly to ensure every American enjoys a fair return for their work and an equal chance to get ahead, and that our businesses can thrive and outcompete the rest of the world.”
If confirmed, the appointments include:
Janet Yellen is nominated to serve as Secretary of the Treasury. If confirmed, she will be the first woman to lead the Treasury Department in its 231-year history, and the first person to have served as Treasury Secretary, Chair of the Council of Economic Advisers, and Chair of the Federal Reserve. She has previously been confirmed by the Senate on four separate occasions.
Neera Tanden, whose career has focused on pursuing policies designed to support working families, foster broad-based economic growth, and curb rampant inequality, is nominated to serve as Director of the Office of Management and Budget. If confirmed, Tanden would be the first woman of color and first South Asian American to lead the OMB.
Wally Adeyemo, a veteran of the Executive Branch and expert on macro-economic policy and consumer protection with deep national security experience, is nominated to serve as Deputy Secretary of the Treasury, having previously served as Deputy Director of the National Economic Council, Deputy National Security Advisor, and the first Chief of Staff of the Consumer Financial Protection Bureau. If confirmed, Adeyemo would be the first African American Deputy Secretary of the Treasury.
Cecilia Rouse, a leading labor economist and the Dean of the Princeton School of Public and International Affairs, is nominated to serve as Chair of the Council of Economic Advisers, having previously been confirmed by the Senate as a member of the CEA in 2009. If confirmed, she will become the first African American and just the fourth woman to lead the CEA in the 74 years of its existence.
Jared Bernstein, who previously served as Chief Economist to Biden in the first years of the Obama-Biden Administration, will serve as a member of the Council of Economic Advisers. Posting on Twitter, Yellen wrote that “we face great challenges as a country right now.”
"To recover, we must restore the American dream—a society where each person can rise to their potential and dream even bigger for their children," she said. "As Treasury Secretary, I will work every day towards rebuilding that dream for all."