About This Source - Bloomberg QuickTake: Now
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Bloomberg Quicktake: Now published this video item, entitled “Biden Adds Neera Tanden, Cecilia Rouse to Economic Team” – below is their description.
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.
“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 Senate-confirmed 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.
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 Brian 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 Senator 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.
He received some criticism from Representative Jim Clyburn, the most senior Black lawmaker in Congress, who is credited with helping Biden with the South Carolina primary, a win that sped his progress toward the nomination.
In an interview with Juan Williams for his column in The Hill newspaper, Clyburn indicated he was disappointed the president-elect had named just “one Black woman so far” to a senior position — Linda Thomas-Greenfield as United Nations ambassador.
“I want to see where the process leads to, what it produces,” Clyburn added. “But so far it’s not good.”
Tanden, an Indian-American who currently leads the liberal think tank Center for American Progress, worked on the Obama administration’s health-care reform and was a close adviser to Hillary Clinton.
Rouse also worked in the Obama administration as a member of the CEA and is currently dean of Princeton University’s School of Public and International Affairs. If confirmed, she would be the first African American to chair the CEA.
Adeyemo would bring international economic experience to the Biden team, complementing Yellen’s more domestic focus over the course of her academic and government career. Adeyemo was deputy chief of staff to Jack Lew when he was Treasury secretary and was the first chief of staff of the Consumer Financial Protection Bureau under Elizabeth Warren.
Bernstein and Boushey are well liked by progressives. Boushey, who runs the Washington Center for Equitable Growth, has advocated for paid parental leave and raising the minimum wage. Bernstein was Biden’s chief economic adviser in the White House during President Barack Obama’s first term.
Biden’s team will inherit a U.S. economy rocked this year by the coronavirus pandemic, and will have to try to sustain its revival. There’s already signs of increasing fragility as virus infection rates increase and states begin to lock down businesses again. That threatens the nascent recovery of the labor market, with jobless claims ticking up and payroll gains forecast to slow further in November.Bloomberg Quicktake: Now YouTube Channel
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In This Story: BlackRock
BlackRock, Inc. (NYSE: BLK) is an American global investment management corporation based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world’s largest asset manager, with $7.4 trillion in assets under management as of end-Q4 2019.
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Joe Biden is an American politician serving as the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 under Barack Obama and represented Delaware in the United States Senate from 1973 to 2009.
He is married to Dr Jill Biden.