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November 27, 2021
11 11 11 AM
Women are still underrepresented in the US judicial system
Joe Biden\’s Economic Team
Government Leadership by Race
U.S. Healthcare Costs Projected to Reach Almost 20% of GDP by 2028
First Cryptocurrency Index Fund Listed on OTC Markets
Biden\’s Proposals to Fight Emergencies and Climate Change
Why Are Crypto Businesses Interested in Becoming Banks?
What\’s in the Infrastructure Investment and Jobs Act?
SEC Freezes Crypto Hedge Fund Assets
Markets Betting Against an Evergrande \’Lehman Moment\’
Latest Post
Women are still underrepresented in the US judicial system Joe Biden\’s Economic Team Government Leadership by Race U.S. Healthcare Costs Projected to Reach Almost 20% of GDP by 2028 First Cryptocurrency Index Fund Listed on OTC Markets Biden\’s Proposals to Fight Emergencies and Climate Change Why Are Crypto Businesses Interested in Becoming Banks? What\’s in the Infrastructure Investment and Jobs Act? SEC Freezes Crypto Hedge Fund Assets Markets Betting Against an Evergrande \’Lehman Moment\’

Joe Biden\’s Economic Team

The Biden administration nominated a team of \”liberal and centrist economic advisers\” who will help him steer America\’s recovery. Here are the administration\’s top picks.

Key Takeaways

  • President Biden won the 2020 election and nominated former Fed Chair Janet Yellen to be his treasury secretary.
  • The OMB acting director is Shalanda Young after Biden\’s initial pick, Neera Tanden, withdrew.
  • The chair of the Council on Economic Affairs is labor economist Cecilia Rouse.

Biden\'s economic team

Photo courtesy Biden-Harris administration.

Treasury Secretary

The Biden administration nominated former Federal Reserve Chairwoman Janet Yellen for Treasury secretary Yellen as the first woman to hold the job. Yellen is a well-respected economist who was also the first woman to lead the Federal Reserve from 2014 to 2018. In her new role, she plays a leading role in shaping economic policy as the U.S. recovers from the turbulence caused by the 2020 economic crisis.

Yellen’s top deputy at the Treasury Department will be Adewale \”Wally\” Adeyemo, a veteran of the Obama administration and an expert on macro-economic policy and consumer protection with national security experience.

Director of the Office of Management and Budget

The OMB office, the largest of the Executive Branch, helps the President develop and administer the federal budget. For the director of the Office of Management and Budget, Biden originally chose Neera Tanden, head of the liberal think tank Center for American Progress. Her nomination was subsequently withdrawn when it appeared she didn\’t have enough support to carry the nomination. Shalanda Young has been Acting Director of OMB since March 24, 2021.

Chair of the Council of Economic Advisers

Biden chose Cecilia Rouse, a Princeton University labor economist, to chair the Council of Economic Advisers (a role Yellen occupied during Clinton\’s administration). Rouse has previously been confirmed by the Senate as a member of the CEA in 2009. She was confirmed as chair on March 2, 2021. She is the first African American to lead the CEA.

Rouse was joined on the CEA by two campaign economic advisers, Jared Bernstein and Heather Boushey. Bernstein previously served as the chief economist to Biden in the first years of the Obama administration, while Boushey is an economist focused on economic inequality and the CEO of the Washington Center for Equitable Growth.