President-elect Joseph R. Biden Jr. said on Thursday that he had chosen his nominee for Treasury secretary and that he would announce the pick in the near future.
Mr. Biden, at a news conference following a meeting with U.S. governors, said he believed the selection would be accepted by “all elements of the Democratic Party.” He said the choice would be unveiled just before or just after Thanksgiving.
Mr. Biden has been widely expected to choose a Treasury secretary that would make history. The job has only been held by white men in its 231-year history.
Those believed to be on the shortlist include Lael Brainard, a Federal Reserve governor; Janet L. Yellen, the former Fed chair; and Roger W. Ferguson Jr., a former Fed governor and business executive.
Mr. Biden said on Thursday that he believed his choice would satisfy both the moderate and progressive wings of the Democratic Party.
Treasury Secretary Steven Mnuchin on Thursday said that he would not extend several of the Federal Reserve’s emergency lending programs and asked the Fed to return unused funds, a decision that could hinder the Biden administration’s ability to cushion the economic fallout from the virus. If the Fed does give back the money, a Democratic administration would not be able to simply restart the programs, because the congressional appropriation cannot be used to make new loans after the end of the year.
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November 20, 2020 at 04:48AM
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President-elect Biden says he has chosen a Treasury secretary. - The New York Times
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