Politics

Joe Biden has made his election for Treasury Secretary and says he’ll announce the election quickly

WASHINGTON – President-elect Joe Biden said Thursday he had decided who to nominate for Secretary of the Treasury and he would announce this in the coming weeks.

"You will soon hear my choice for the Treasury Department, either just before or just after Thanksgiving," Biden told reporters in Wilmington, Delaware.

"It is someone who is accepted by all elements of the Democratic Party, from the progressive to the moderate coalition," he added.

By Thursday, Biden's team had signaled to business allies that it had narrowed its list of options for finance minister to at least three names, according to those briefed on the matter.

Top candidates include economist Lael Brainard, a member of the Federal Reserve Board of Governors; Roger Ferguson, the CEO of TIAA; and Janet Yellen, former chairman of the Federal Reserve.

Yellen appears to have the approval of both sides of the party. Ferguson, who announced that he would withdraw from the TIAA in March, plans to return to the federal government. He has experience serving as vice chairman of the Federal Reserve Board of Governors.

Either Brainard or Yellen would be the first female finance ministers. Ferguson would be the first black to hold office.

Senator Elizabeth Warren, a progressive named as a potential Treasury candidate, appears to be out of the running.

Biden also appeared to be positive about the performance of current Fed chairman Jerome Powell.

"I think the way the Federal Reserve is approaching the dollar has been going well," Biden said.

"Interest rates are as low as they are in modern history, and I think that's a positive thing. It gives credibility to the possibility that we can spend money, deficit expenditure in order to generate." Economic growth right away. I think it's been positive so far. "

Powell's four-year term as Fed chairman expires in February 2022, one year after Biden's first term. Biden was able to nominate him for the position.

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