Biden names top economic team to focus on recovery from pandemic

[webfact]

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]

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

[Jeffr2]

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]

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]

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

[Mick501]

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

[Jeffr2]

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]

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]

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.

[Sujo]

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]

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]

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]

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]

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]

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 

[placeholder]

1 hour 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.  

I got news for you and the people who liked your post in one way or another and believe that they are Trump supporters. Trump disagrees with you. Seriously disagrees with you

.  “Congress must now do a Covid Relief Bill,” Trump tweeted. “Needs Democrats support. Make it big and focused"

Second stimulus checks: Trump pushes Congress to approve relief | myfox8.com

 

Second stimulus check update: Talks continue as Trump calls for going bigger. Here’s the latest.

Second stimulus check update: Talks continue as Trump calls for going bigger. Here’s the latest. - nj.com

 

Stimulus package update: Trump pushes for 'larger' COVID-19 relief bill, prioritizing $1,200 checks

Top Republicans are shrugging off the president's call and suggesting they are unwilling to push their offer much higher than $1 trillion.

Second stimulus: Trump pushes for 'larger' COVID-19 relief bill, prioritizing $1,200 checks - ABC7 Chicago

In fact it's been the GOP controlled Senate that's been opposed to a stimulus the size that Trump is calling for. And not even the Senate supports doing nothing.

Why do you pretend supporters of doing nothing hate Trump so much? Maybe you're just pretend supporters of Trump?

[Jeffr2]

1 hour ago, riclag said:

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 

McConnell's senate has been the least productive this century.  He should resign.

[JulesMad]

3 hours ago, Jeffr2 said:

250,000 dead Americans might argue with you about this.

Dead americans don't argue.... With many thanks to trump!

[Thingamabob]

Same old, same old. Back to the swamp.

[placeholder]

40 minutes ago, Thingamabob said:

Same old, same old. Back to the swamp.

For someone who claims not to like Trump, you seem somewhat amnesiac about Trump making Steve Mnuchin Treasury secretary. He worked for Goldman Sach's and after the 2008 economic crisis managed to evict lots of folks who couldn't make payment on their mortgages. 

And Trump also hired Wilbur Ross as commerce secretary

In the 1980s, Donald Trump's three casinos in Atlantic City were under threat of foreclosure from lenders. Ross, who was then the senior managing director of Rothschild & Co, represented investors in the casino. Along with Carl Icahn, Ross convinced bondholders to strike a deal that allowed Trump to keep control of the casinos.^[13][15]

^{https://en.wikipedia.org/wiki/Wilbur_Ross}

You'll find lots of other sleazy deeds of Ross if you follow that link.

 

More Gifts for Wall Street in Trump’s Latest Treasury Department Deregulation Blueprint

https://www.citizen.org/news/more-gifts-for-wall-street-in-trumps-latest-treasury-department-deregulation-blueprint/

 

Remember those banks that precipitated the 2008 crash?

Trump Moves to Roll Back Obama-Era Financial Regulations

https://www.nytimes.com/2017/02/03/business/dealbook/trump-congress-financial-regulations.html

 

How about this for sleaze?

Trump Administration Spares Corporate Wrongdoers Billions in Penalties

https://www.nytimes.com/2018/11/03/us/trump-sec-doj-corporate-penalties.html

 

[Sujo]

11 minutes ago, placeholder said:

For someone who claims not to like Trump, you seem somewhat amnesiac about Trump making Steve Mnuchin Treasury secretary. He worked for Goldman Sach's and after the 2008 economic crisis managed to evict lots of folks who couldn't make payment on their mortgages. 

And Trump also hired Wilbur Ross as commerce secretary

In the 1980s, Donald Trump's three casinos in Atlantic City were under threat of foreclosure from lenders. Ross, who was then the senior managing director of Rothschild & Co, represented investors in the casino. Along with Carl Icahn, Ross convinced bondholders to strike a deal that allowed Trump to keep control of the casinos.^[13][15]

^{https://en.wikipedia.org/wiki/Wilbur_Ross}

You'll find lots of other sleazy deeds of Ross if you follow that link.

 

More Gifts for Wall Street in Trump’s Latest Treasury Department Deregulation Blueprint

https://www.citizen.org/news/more-gifts-for-wall-street-in-trumps-latest-treasury-department-deregulation-blueprint/

 

Remember those banks that precipitated the 2008 crash?

Trump Moves to Roll Back Obama-Era Financial Regulations

https://www.nytimes.com/2017/02/03/business/dealbook/trump-congress-financial-regulations.html

 

How about this for sleaze?

Trump Administration Spares Corporate Wrongdoers Billions in Penalties

https://www.nytimes.com/2018/11/03/us/trump-sec-doj-corporate-penalties.html

 

Facts and truth do not intetest trump supporters.

[placeholder]

7 minutes ago, Sujo said:

Facts and truth do not intetest trump supporters.

They don't even necessarily know what Trump thinks. In another thread they supported doing nothing despite the resurgence of covid and the slowing again of the economy. Trump has repeatedly said he wants a big stimulus. Much more in line with the Democrats than the Republicans. To Trump supporters it's mostly about attitude and owning the libs. Not a lot of attention there to facts.

[Eric Loh]

1 hour ago, Thingamabob said:

Same old, same old. Back to the swamp.

Those swamp creatures in Trump's administration are a class of their own.

Peter Navarro, Dem turncoat and former global warming advocate turned denier.

Wilbur Ross, lied and overstated his personal fortune just like his boss.

Larry Kudlow, wrong on the tax cuts, economy and deficit.

Steven Mnuchin, no experience and unexceptional education but got the job because of loyalty.

[Sujo]

12 minutes ago, Eric Loh said:

Those swamp creatures in Trump's administration are a class of their own.

Peter Navarro, Dem turncoat and former global warming advocate turned denier.

Wilbur Ross, lied and overstated his personal fortune just like his boss.

Larry Kudlow, wrong on the tax cuts, economy and deficit.

Steven Mnuchin, no experience and unexceptional education but got the job because of loyalty.

Bit mnuchin did get involved with wolf of wall street which was done by illegal funds from 1mdb from malaysia. 

[Mick501]

8 hours ago, stevenl said:

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

Hence why they should leave Trumps policies in place.  Biden spent 47 years doing nothing though, so fair chance that will be the way forward here.

[Mick501]

9 hours ago, Jeffr2 said:

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

Google “conflating.”

[placeholder]

22 minutes ago, Mick501 said:

Hence why they should leave Trumps policies in place.  Biden spent 47 years doing nothing though, so fair chance that will be the way forward here.

But Trump's policy is to get another big stimulus. Your notion is to do nothing as you stated earlier in this thread. That sets you against Trump. You Mitch McConnelling much? Or just very confused?

[stevenl]

1 hour ago, Mick501 said:

Hence why they should leave Trumps policies in place.  Biden spent 47 years doing nothing though, so fair chance that will be the way forward here.

Trump's policies, which increased the debt tremendously, made the rich richer and managed to maintain the same growth curve as Obama's? So as a result tax paying Americans are paying to make the rich richer, while the tax payers children will have to face an unnecessary and tremendously increased debt? That policy?

[Jeffr2]

8 hours ago, Mick501 said:

Google “conflating.”

To bring things together.  Like 250,000+ dead Americans and Trump's lying about the pandemic.  Sadly, they are tied together.

[RocketDog]

23 hours 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.  

Sadly a couple of folks missed your sarcasm. LOL