Biden: the new Treasury Secretary has been confirmed and will be announced around Thanksgiving

category:Finance
 Biden: the new Treasury Secretary has been confirmed and will be announced around Thanksgiving


Bidens team signaled business allies at the start of Thursday that he had reduced the list of Treasury Secretary candidates to at least three, according to people familiar with the matter. The top contenders include former Fed chairman Janet Yellen, current fed governor Lael Brainard and TIAA chief executive Roger Ferguson.

For now, Yellen seems to have the support of Democrats and Republicans. Recently, when attending a public event, she did not deny reports that she would run for the next US Treasury secretary. Yellen is supportive of Bidens economic policy. Ferguson announced his intention to retire from TIAA in March next year, hoping to return to the federal government. He served as vice chairman of the board of Governors of the Federal Reserve.

Elizabeth Warren, a reformist senator who was thought to be a promising new Treasury Secretary, seems to be out of the game.

Bidens nominated Treasury secretary must be appointed by a Senate vote. The new Treasury Secretary will face an agenda of historic depth and breadth, fighting both the health and economic crises and pursuing the goals set by the president-elect during his campaign.

In addition, Biden also spoke positively of current Federal Reserve Chairman Jerome Powell and supported the way the Fed manages interest rates.

Powells four-year term as Fed chairman will expire in February 2022. At that time, Biden may choose to re nominate him as chairman of the Federal Reserve. However, some analysts pointed out that Biden may be under pressure from the party to choose a real Democrat to supervise banks more strictly.

Source of this article: Chen Hequn, editor in charge of CFA_ NB12679