Biden Confirms Yellen as Treasury Secretary Nominee

President-elect Joe Biden nominated former Fed Chair Janet Yellen as treasury secretary. She'd be the first woman to hold the post.
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President-elect Joe Biden on Monday nominated former Federal Reserve Chair Janet Yellen as Treasury Secretary, confirming earlier reports, as he announced several other appointments or nominations to his economic team.

If confirmed by the U.S. Senate, Yellen, 74, would be the first woman to hold the position in the 231-year history of the department. 

Biden also nominated Neera Tanden as director of the Office of Management and Budget. If confirmed, Tanden would be the first woman of color and first South Asian American to lead the OMB.

"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.”

Jared Bernstein, Biden’s chief economist during the Barack Obama administration, was nominated to serve on the administration’s Council of Economic Advisers. 

Wally Adeyemo was nominated to serve as deputy secretary of the Treasury. If confirmed he would be the first African American to hold the position.

Cecilia Rouse was nominated as chair of the Council of Economic Advisers. Heather Boushey, an inequality economist and co-founder of the Washington Center for Equitable Growth, will serve on the CEA.

"This team is comprised of respected and tested groundbreaking public servants who will help the communities hardest hit by covid-19 and address the structural inequities in our economy," Biden said. 

"They will work tirelessly to ensure every American enjoys a fair return for their work and an equal chance to get ahead, and that our businesses can thrive and outcompete the rest of the world."

CNBC reported that a BlackRock  (BLK) - Get Report executive, Brian Deese, is a top contender for director of the National Economic Council, a position currently held by Larry Kudlow.