Biden names top economic team to focus on recovery from pandemic

[webfact 78,788]

Biden names top economic team to focus on recovery from pandemic

By Jarrett Renshaw

 

U.S. President-elect Joe Biden delivers a pre-Thanksgiving speech at his transition headquarters in Wilmington, Delaware, U.S., November 25, 2020. REUTERS/Joshua Roberts

 

WILMINGTON, Del. (Reuters) -U.S. President-elect Joe Biden named several women to his top economic policy team on Monday, including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee, setting the stage for diversity and a focus on recovery from the pandemic.

 

The advisers, several of whom would need to be approved by the U.S. Senate, come from liberal research organizations and worked in previous Democratic administrations. Their aim will be to set policies that can help people and businesses recover from the damage done by the coronavirus pandemic, which has killed more than 266,000 people in the United States and cost millions of jobs.

 

"This team looks like America and brings seriousness of purpose, the highest degree of competency, and unwavering belief in the promise of America," Biden said in a statement. "They will be ready on day one to get to work for all Americans."

 

Biden is expected to formally introduce the new economic team members on Tuesday, the transition team said.

 

Yellen, 74, was head of the U.S. central bank from 2014 to 2018 and had served as the chair of President Bill Clinton's Council of Economic Advisers.

 

On Twitter, Yellen underscored the challenges facing the United States: "To recover, we must restore the American dream — a society where each person can rise to their potential and dream even bigger for their children. As Treasury Secretary, I will work every day towards rebuilding that dream for all."

 

Kristalina Georgieva, managing director of the International Monetary Fund, welcomed Yellen's nomination. "It will be great to have a strong, tried and tested, exceptionally talented woman at Treasury!"

 

PUSH FOR EARLY YELLEN HEARING

Ron Wyden, the top Democrat on the Senate Finance Committee, said the chamber should hold Yellen's confirmation hearing before the Jan. 20 inauguration, as it did for current Treasury Secretary Steven Mnuchin.

 

"When millions of workers are unemployed through no fault of their own and sectors of the economy are struggling mightily, there is no excuse for delay," Wyden said in a statement.

 

Senate Majority Leader Mitch McConnell, who like many top Republicans in that chamber has not yet acknowledged Biden as president-elect, did not respond to questions about pre-inauguration hearings. His colleagues have signaled that Biden's appointees may face a rough road to confirmation.

 

Control of the Senate - and the power to confirm or block Biden's Cabinet appointees - will be determined by a pair of runoff elections in Georgia on Jan. 5.

 

Republican President Donald Trump has repeatedly and without evidence claimed his loss to Biden in the Nov. 3 election was the result of widespread fraud, though state and federal election officials have said there is no evidence of it.

 

On Monday, Arizona, one of several states where the Trump campaign made last-ditch efforts to challenge Biden's win, certified its election results in favor of the Democrat.

 

"We do elections well here in Arizona. The system is strong and that's why I bragged on it so much," said Governor Doug Ducey, a Republican.

 

The Electoral College, which selects presidents based on state-by-state vote totals, meets on Dec. 14. Biden beat Trump by 306 electors to 232, a margin that Trump described as a "landslide" when it was to his benefit in 2016.

 

Trump has had no significant success in a series of lawsuits challenging the election and would need to overturn the result in several states to win.

 

While Biden's transition to the presidency appears to be hitting its stride, he himself was hobbling after fracturing his foot while playing with his dog on Saturday and will wear a protective boot for several weeks, his doctors said.

 

ECONOMY PICKS

Biden said he would nominate Wally Adeyemo as Yellen's deputy at Treasury. Adeyemo had been a deputy national security adviser under President Barack Obama, and was later the president of the Obama Foundation, which is overseeing the planning for the Democratic former president's library.

 

Neera Tanden, chief executive of the Center for American Progress think tank, would head the Office of Management and Budget. Tanden helped the Obama administration create the Affordable Care Act, the healthcare overhaul popularly known as Obamacare. She would be the first woman of color to lead the OMB if she is confirmed.

 

Biden selected Cecilia Rouse, an economist who is dean of the Princeton School of Public and International Affairs, to chair the Council of Economic Advisers. She was a member of the council under Obama from 2009 to 2011.

 

Heather Boushey, an economist who is the co-founder of the Washington Center for Equitable Growth and is focused on economic inequality, will serve on the council.

 

Biden and Vice President-elect Kamala Harris are also set to receive their first classified presidential daily intelligence briefing on Monday, which the Trump administration had previously refused to provide.

 

(Reporting by Jarrett Renshaw in Wilmington, Delaware, additional reporting by Brad Heath, Trevor Hunnicutt, Simon Lewis, Patricia Zengerle, Doina Chiacu and Andrea Shalal; Writing by Grant McCool; Editing by Scott Malone, Paul Simao and Rosalba O'Brien)

 

-- © Copyright Reuters 2020-12-01

 

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[Tug 21,401]

Competent picks all empowering the lady’s it’s about time imo get after it TEAM Biden aka TEAM AMERICA!!!

[Jeffr2 7,838]

He's been through this before and did a great job with Obama in the previous recession.  He knows what to do.  Sadly, the GOP will fight him every inch of the way. 

[stevenl 29,353]

56 minutes ago, Jeffr2 said:

He's been through this before and did a great job with Obama in the previous recession.  He knows what to do.  Sadly, the GOP will fight him every inch of the way. 

Which will start with McConnell refusing to confirm until after the inauguration.

[wombat 2,845]

With no lockdown due to impigment of civil rights, the peak of covid in the States has yet to happen 

[Mick501 1,440]

Their advice to him will be do nothing.  Trump already has it moving in the right direction, replicating his stellar pre COVID .performance.  

[Jeffr2 7,838]

12 minutes ago, Mick501 said:

Their advice to him will be do nothing.  Trump already has it moving in the right direction, replicating his stellar pre COVID .performance.  

Ummm...250,000 dead Americans might argue with you about this.  Not to mention the millions now unemployed.

[Eric Loh 20,029]

Just comparing Janet Yellon and Steven Mnuchin is like night and day. Janet's Brown University (AB) and Yale (MBA & PhD) and Steven's BA at Yale. Vast government experience against no experience for Steven. Got sued for asset stripping but qualified to be Trump's Treasury secretary as a wealthy loyalist. US economy will be in good hands under Janet Yellon if she passed congress.  

[Jeffr2 7,838]

9 minutes ago, Eric Loh said:

Just comparing Janet Yellon and Steven Mnuchin is like night and day. Janet's Brown University (AB) and Yale (MBA & PhD) and Steven's BA at Yale. Vast government experience against no experience for Steven. Got sued for asset stripping but qualified to be Trump's Treasury secretary as a wealthy loyalist. US economy will be in good hands under Janet Yellon if she passed congress.  

Mnuchin, like all other cabinet members under Trump, were just puppets.  Yes men.  They added no value other than following Trump's disastrous orders. And profiting off their positions like their boss.

Edited December 1, 2020 by Jeffr2

[Sujo 16,806]

42 minutes ago, Mick501 said:

Their advice to him will be do nothing.  Trump already has it moving in the right direction, replicating his stellar pre COVID .performance.  

Trump proved doing nothing was wrong.

[Jonnapat 1,848]

Once again we see a good example of a flawed election systèm whereby a President is unable to appoint key officials himself,  unlike any other democracy I know.

The Senate, likely to be as obstructive as possible under McConnell and where 70% represent 30% of the population will no doubt make life as difficult as possible for the new administration. 

[Walker88 4,176]

One can almost be forgiven for remembering that competence and experience should be the criteria for selection, rather than loyalty to a personality or a cult.

 

Chris Krebs, who served as CISA Chief who oversaw the election, was fired for following his oath and being honest. One of 45's 'elite strikeforce team' members said on far-right media newsmax that "Krebs should be taken out and shot". That is likely a crime to make such a statement, and sadly it will likely elicit bad behavior from some of the cult, putting Krebs life at risk. Apparently honesty and integrity are capital offenses in the world of 45.

 

Biden's team will be so far superior, beholden to the nation and the Constitution. They will appeal to our better angels, not our worst demons.

 

Recall that it was in the Obama-Biden Admin that the US enjoyed recovery from the Great Recession. Inheriting an economy and monetary system on the verge of total collapse, that team saved the banks, insurers, money market system, Commercial Paper market, and auto companies----and even made a profit on the bailout. UE tumbled from a high of 10.4% to 4.8%, and the stock market (vice S&P500) soared from a low of 666 to 2200.  Staggering competence.

 

Biden is going to inherit 10% UE (see Friday's coming numbers) and a raging pandemic, as well as a US reputation in tatters. It's going to take a lot of effort from talented folks to pull the US out of the abyss 45 has left.

[stevenl 29,353]

57 minutes ago, Mick501 said:

Their advice to him will be do nothing.  Trump already has it moving in the right direction, replicating his stellar pre COVID .performance.  

They'll want a real recovery, not just accumulation of more debt.

[Jeffr2 7,838]

11 minutes ago, Jonnapat said:

Once again we see a good example of a flawed election systèm whereby a President is unable to appoint key officials himself,  unlike any other democracy I know.

The Senate, likely to be as obstructive as possible under McConnell and where 70% represent 30% of the population will no doubt make life as difficult as possible for the new administration. 

Perhaps he'll do just what Trump did.  Make them all "appointed" only.  No senate approval required for that.  Then sign an executive order making appointments permanent. 

[riclag 6,881]

26 minutes ago, Jonnapat said:

Once again we see a good example of a flawed election systèm whereby a President is unable to appoint key officials himself,  unlike any other democracy I know.

The Senate, likely to be as obstructive as possible under McConnell and where 70% represent 30% of the population will no doubt make life as difficult as possible for the new administration. 

So obstructive means imop the opposing party ,in this case republicans,  has differences as to how  their constituents  tax revenue  are to be spent "appropriately" ! IMOP  differences between parties are passionately  discussed ,its part of the democratic process 

Edited December 1, 2020 by riclag
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