Biden fills Yellen-led economic team
WASHINGTON — President-elect Joe Biden rolled out the first set of nominations for his economic team on Monday, formally announcing his selection of Janet Yellen to be Treasury secretary, Neera Tanden to lead the Office of Management and Budget, and Cecilia Rouse to head the Council of Economic Advisers.
Biden also announced his intent to nominate Adewale Adeyemo, a former senior adviser at BlackRock Inc., to be deputy Treasury secretary. Adeyemo is a Nigerian-born attorney and president of the Obama Foundation.
Brian Deese, an executive at BlackRock and former economic adviser to President Barack Obama, has been tapped to lead Biden’s National Economic Council, people familiar with the matter said.
Deese, who joined BlackRock in 2017 to oversee its sustainable investment strategies, was a senior adviser to Obama on climate, conservation and energy, and also served as deputy director of the NEC. That job does not require Senate confirmation.
"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 statement.
If confirmed, the nominations of Yellen, Tanden and Rouse would be the first time the top three Senateconfirmed economic positions went to women. Tanden’s nomination already appeared to be in trouble with Senate Republican aides expressing opposition on Sunday even before it was formally announced.
Yellen issued a statement on Twitter, saying: “We must restore the American dream. As Treasury secretary, I will work every day towards rebuilding that dream for all.”
Yellen won praise across both parties on her nomination, with Rep. Patrick McHenry, the highest-ranking Republican on the House financial services committee, saying in a statement she has demonstrated “intellect, foresight, and independence” during the financial crisis.
Hank Paulson, who was Treasury secretary during the George W. Bush administration, said: “Janet’s credibility with members of Congress on both sides of the aisle will be enormously important as our country continues to recover from the economic shocks caused by the pandemic.”
Biden has also tapped two economic advisers from his presidential campaign, Jared Bernstein and Heather Boushey, to be members of the CEA.
Biden did not announce his pick for a key White House economic post, director of the National Economic Council. But Deese, another BlackRock executive who served in the Obama administration, is likely to be offered the job, people familiar with the matter said.
Drew Brandewie, an aide to Texas Republican Sen. John Cornyn, said on Twitter that Tanden “stands zero chance of being confirmed.”
Another aide said Republicans in the Senate would certainly block Tanden, who’s viewed as too progressive, even though she’s also had squabbles with some on the left.
The choices show Biden turning to experienced Washington hands as he begins building his economic team, with an eye toward racial and gender diversity.
The group of six nominees includes three women, two African Americans and an Indian American as Biden seeks to put women and minorities in jobs historically held by White men.