President-Elect Joe Biden said Thursday that he has decided on whom he will nominate to serve as Secretary of the Treasury in his administration, but declined to identify the individual until after the Thanksgiving holiday.
During a press conference Thursday afternoon, Biden was asked by a reporter “what kind of framework” he has been considering while he “decides about a treasury secretary,” reminding Biden that during the presidential debates he pledged to take a hawkish stance with China, which could include imposing new sanctions or tariffs on the world’s fastest-growing economic power.
“Well, look, let me try to take it one at at time. You’ll soon hear my choice for treasury. I’ve made that decision, we’ve made that decision, and you’ll hear that either just before or just after Thanksigiving, number one,” Biden said, gesturing at his staff, adding that his pick “will be accepted by all elements of the Democratic Party, from the progressive to the moderate coalitions.”
CNBC reported that as of Thursday, “the top contenders are economist Lael Brainard, a member of the Federal Reserve Board of Governors; Roger Ferguson, the CEO of TIAA; and Janet Yellen, former chair of the Federal Reserve.”
Biden also spoke highly Jerome Powell, Chairman of the Federal Reserve.
“The way the Federal eserve has been approaching dealing with the dollar, I think has been in a positive direction,” said Biden.
“Interest rates are as low as they have been in modern history, and I think that is a positive thing. It lends credence to the possibility of us being able to expend money, to deficit spend, in order for us to be able to generate economic growth right off the bat. And so I think it’s been positive so far,” Biden said.
The “deficit spending” Biden mentioned likely has to do with another economic stimulus package to put money into the pockets of the American people while the COVID-19 pandemic forces businesses and schools to remain closed.
Senate Republicans, led by Majority Leader Mitch McConnell (KY), have shot down every single proposal they have received by the Democratic-led House of Representatives, including legislation that President Donald Trump said that he supported.
With millions of Americans out of work and facing financial catastrophe due to provisions like enhanced unemployment benefits that are set to expire in December, Congress is leaving for its Thanksgiving vacation instead of remaining in Washington to renew economic aid to a desperate, cash-strapped population.
Sixty-two days until the inauguration.
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Brandon is a political writer for the Hill Reporter specializing in current events, breaking news, and scientific discovery. Brandon holds a Bachelor of Music degree from Indiana University. He lives in New York City.