Wednesday, March 29, 2023

Biden says he has picked a Treasury secretary who will please all Democrats By Reuters


© Reuters. U.S. President-elect Joe Biden speaks after meeting with governors in Wilmington, Delaware

WASHINGTON (Reuters) – President-elect Joe Biden said on Thursday he had selected his Treasury secretary and would reveal his choice as soon as next week.

“We’ve made that decision,” Biden told a news conference. “And you’ll find it is someone who I think will be accepted by all elements of the Democratic Party … progressive to the moderate coalitions.”

He said he would disclose his pick either before or after next Thursday’s Thanksgiving holiday.

Candidates on Biden’s shortlist include former Fed Chair Janet Yellen, current Fed Governor Lael Brainard, Sarah Bloom Raskin, a former Fed governor, and Raphael Bostic, president of the Federal Reserve Bank of Atlanta.

Biden’s Treasury nominee, who must be confirmed by the U.S. Senate, may face an agenda of historic depth and breadth, fighting health and economic crises while pursuing the lofty goals the president-elect set during his campaign.

Biden also said on Thursday he supported the way the Federal Reserve had managed interest rate policy.

“I think it’s been positive so far,” he said.

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