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For now, it’s an open question whether President-elect Joe Biden has an interest in testing his presidential power to try to forgive student debt.
Joe Raedle | Getty Images
President-elect Joe Biden and his transition team on Monday announced several appointments and appointments to key economic positions in the new administration.
The transition team confirmed CNBC’s previous report that former Federal Reserve Chairman Janet Yellen is Biden’s official candidate for Treasury secretary. If confirmed by the Senate, Yellen would be the first woman to serve in the 231-year history of the department.
As part of the same announcement, Biden appointed Neera Tanden as director of the Office of Management and Budget. If confirmed, Tanden would be the first woman of color to lead the OMB.
In prepared remarks, Biden said, “As we get down to work to control the virus, it is the team that will bring immediate economic relief to the American people during this economic crisis and help us rebuild our economy better than never.”
“This team is made up of respected and tested revolutionary officials who will help communities hardest hit by COVID-19 and tackle structural inequalities in our economy,” he added. “They will work tirelessly to ensure that every American gets a fair return for their work and an equal opportunity to move forward, and that our businesses can thrive and outperform the rest of the world.”
Outgoing U.S. Federal Reserve Chairman Janet Yellen holds a press conference after a two-day Federal Open Market Committee (FOMC) meeting in Washington, United States, December 13, 2017.
Jonathan Ernst | Reuters
Macroeconomic and National Security Advisor Wally Adeyemo has been appointed to the post of Undersecretary of the Treasury. He previously served as Chief of Staff of the Consumer Financial Protection Bureau, Deputy Director of the National Economic Council and Deputy National Security Advisor.
If confirmed, Adeyemo would be the first African American Deputy Secretary of the Treasury.
The clarification of who should be the director of the National Economic Council is particularly absent from the Biden team announcement. The director of the NEC is often seen as the chief economic adviser to the incumbent president.
Several outlets have reported that BlackRock executive Brian Deese is the lead contender for the role. Larry Kudlow is the current director of President Donald Trump’s NEC.
Biden’s team has appointed Cecilia Rouse, one of the country’s top labor economists, to chair the Council of Economic Advisers. If confirmed, the Princeton dean will become the first African American and the fourth woman to lead the CEA in its 74-year history.
The Council of Economic Advisers is usually a small team of experts who provide the President with advice and possible directions for economic policy in a framework similar to a think tank. Their advice tends to be more academic than the whole-of-government initiatives led by the NEC.
The transition also brought in Jared Bernstein, who was Biden’s chief economist during the Obama administration, to serve on the CEA.
As Biden’s longtime adviser and labor economist, Bernstein was largely expected to sit on the CEA or the NEC.
Heather Boushey, inequality economist and co-founder of the Washington Center for Equitable Growth, was also asked to sit on the CEA.
“My life’s work has been centered on ensuring that our families and our work are properly valued in our economy,” Boushey wrote on Twitter after the announcement. “I am delighted to bring this perspective as a member of ACE. We have the opportunity to rethink how we invest in people, and we must seize it as we rebuild our economy.”
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