Yesterday, President-elect Joe Biden announced the top captains of his economic team. Let's hop right in.
The Treasury oversees money production, raises revenue (i.e., taxes), and ensures the economic gears of the country are greased and turning.
- Confirming recent
reports, former Fed Chair Janet Yellen was nominated to become the first
woman to head the Treasury. Here's a refresher on what her nomination means. And consider following her on Twitter (she's new to the platform and could use some more followers).
- Yellen's proposed No. 2
is Adewale "Wally" Adeyemo, president of the Obama Foundation and former
economic adviser to 44. He'd be the first Black man to serve as deputy
secretary.
The Office of Management and Budget (OMB) is responsible for drafting the annual budget proposal and approving new regulations.
- Center for American
Progress CEO Neera Tanden was nominated as director. She'd be the first
woman of color to head the OMB, but of all Biden's early nominees, she
may face the toughest confirmation battle.
Council of Economic Advisors: Think of it as the president's personal econ think tank, responsible for crafting policy and economic forecasting.
- Cecilia Rouse, dean of
Princeton's School of Public and International Affairs, was nominated as
chair. She served on the council under Obama and would become the CEA's
first Black chair.
Big picture:
Other economy-related roles Biden needs to fill include secretaries of
Commerce, Labor, and Transportation and the U.S. trade representative.
All nominees will require Senate confirmation (though control of the
Senate is in flux until Georgia's runoff races in January).
Reading between the noms
Biden's
roster features prominent labor economists and inequality experts, which
could signal an early focus on spreading the wealth, protecting
workers, and ensuring an equitable pandemic recovery, the NYT reports.
Looking ahead…with
a slowing recovery, worsening pandemic, and one month until ~12 million
U.S. workers lose federal unemployment benefits, Biden's team will face
the economic equivalent of Alabama in Week 1.
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