Biden Confirms Janet Yellen As Treasury Secretary Pick

Confirming the leaked rumors and strawmen (sorry, straw-people) from last week, Joe Biden, who has placed a premium on diversity in his selection of Cabinet nominees and key advisers, is looking to notch at least a few firsts with his economic team selections.

Here is today’s new entrants to a potential Biden admin…

• 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 Tandem, 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 eooq. 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 President-elect Biden in the first years of the Obama-Biden Administration, will serve as a member of the Council of Economic Advisers.

• Heather Boushey, a distinguished economist focused on economic inequality and the President, CEO, and co-founder of the Washington Center for Equitable Growth, will serve as a member of the Council of Economic Advisers.

Joe Biden said, “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. This team is comprised of respected and tested groundbreaking public servants who will help the communities hardest hit by COVID-s9 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. This team looks like America and brings seriousness of purpose, the highest degree of competency, and unwavering belief in the promise of America. They will be ready on day one to get to work for all Americans.”

Kamala Harris said, “President-elect Biden and I have said that our top priorities upon entering the White House are getting this virus under control and opening our economy responsibly. The outstanding economic team that President-elect Biden is bringing together will help us deliver on our commitment. They are not only some of America’s most brilliant economic minds, they are also proven leaders who reflect the very best of our country. And they share a fundamental commitment to ending this economic crisis and putting people back to work, while rebuilding our economy in a way that lifts up all Americans. With the selection of these crisis-tested public servants, the American people are getting the economic team they need — and deserve.”