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.

Whether its Brainard or Yellen that is ultimately chosen, they will become the first female Treasury Secretary in American history. If Ferguson is chosen, he will become the first black U.S. Treasury secretary.

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

Other potential candidates are reported to be Raphael Bostic, Federal Reserve Chairman of Atlanta; Sarah bloom Raskin, Deputy Treasury Secretary under the Obama administration; mellody Hobson, former chairman of DreamWorks Animation; Gary Gensler, another former Deputy Treasury Secretary; and Rhode Island Gina Raimondo, governor of the state.

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.

Give Powell positive comments

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

Interest rates are at their lowest level in modern history and I think its a positive thing, he said. It makes people believe that we have the ability to spend money, to spend ahead of time, so that we can achieve immediate economic growth.

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