Biden introduces the economic team and promises quick action in the struggling economy


President-elect Joe BidenJoe BidenGeraldo Rivera questions Trump on election results: “Enough is now” – Senate approves two energy regulators, complementing Murkowski body: Trump must allow MORE for White House competition on Tuesday, he officially unveiled the first members of his economic team, which focused on tackling the downturn caused by the coronavirus that hit businesses and U.S. workers.

Biden described his team as being able to lead the United States through the crisis and help rebuild the economy to be stronger than it was before the pandemic, and elevated the middle class.

“The team I am announcing today will be critical in shaping our action plan starting on day one and will move quickly to revive this economy,” Biden said in his prepared remarks at Wilmington in Delming before announcing his six planned members. his team, including the candidate for Minister of Finance, Janet YellenJanet Louise YellenReminder: Tensions are built around key Biden candidates, Biden takes steps to create a variety of finance ministers: Biden announces key members of the economic team | The GOP is open to Yellen as Treasury Secretary, as opposed to the choice of budget GAO: Department of Labor CONTINUES to “Incorrectly Present” Unemployment Data.

“Our message to everyone who is currently struggling is this: Help is on the way,” he added.

Biden urged Congress to adopt a “robust aid package” without delay, but noted that the COVID-19 legislation passed at the lame-duck meeting was “just the beginning at best”. He said his transition team is working on a measure he plans to introduce after the inauguration day.

Pandemic-related closures have had a devastating effect on small and medium-sized businesses, leaving millions of Americans out of work. Congress failed to pass a new aid package that would provide much-needed assistance to businesses, unemployed Americans, and scarce states and local governments, despite months of negotiations between the White House and Capitol Hill leaders.

Yellen, who spoke shortly after Biden on Tuesday, stressed the need for swift action to tackle the pandemic and recession, noting that crises disproportionately hit the most financially vulnerable Americans.

“This is an American tragedy and it is essential that we move forward urgently,” Yellen said. “Inaction results in a self-reinforcing decline that causes even more devastation.”

Hours before Biden introduced his economic team, the bipartisan legislature announced a $ 908 billion stimulus proposal amid growing pressure to pass the COVID-19 exemption before Congress paused for the rest of the year.

Asked by a journalist if he supported the bipartisan proposal, Biden said he had only heard of it and that he was “looking at it”.

Members of Biden’s economic team made a clear emphasis on the worker and the middle class during Tuesday’s speeches.

Wally Adeyemo, Biden’s deputy finance minister, said he was looking forward to working with Yellen to reduce inequalities, expand the middle class and make the U.S. economy work “for all”.

Biden was praised for choosing Yellen, the former president of the Federal Reserve, as his treasury candidate. Even Senate Republicans are open to confirmation.

Neiden Tanden, Biden’s election to lead the Office of Management and Budget (OMB), has been criticizing the GOP over the years for his remarks about Republicans on Twitter.

Some progressives also opposed his nomination, while other Democrats see the OMB as a more favorable choice than Bruce Reed, a former cabinet chief at Biden when he was vice-chairman of a bipartisan committee to reduce the deficit. Several prominent people expressed support for Tanden, including Sens. Elizabeth WarrenElizabeth WarrenBiden’s budget selection starts a fight with GOP Senate Warren, Brown provides loud support for choosing controversial Biden’s budget office. Biden’s economic team gets mixed opinions from Senate Republicans MORE (D-Mass.) And Sherrod BrownSherrod Campbell BrownBiden’s Budget Team Starts Fight with GOP Senate Warren, Brown Provides Loud Support for Selection of Controversial Biden’s Budget Office Biden’s Economic Team Gets Mixed Opinions from Senate Republicans MORE (D-Ohio).

Tandent, president of the center-left American Center for Progress since 2011, needs to be confirmed by the Senate. The January 5 doubles election doubles in Georgia will determine which party will rule the chamber next year.

Neither Biden nor Tanden addressed the controversy over his nomination at Tuesday’s event. Instead, they focused on Tanden’s background.

Tanden talked about being raised by a single mother who immigrated from India to the United States and relying on social safety net programs to help her family while working to reach the middle class.

“I’m here today because of social programs, budget decisions, a government that saw my mother’s dignity and gave her a chance,” Tanden said. “Now it’s a deep honor for me to help shape these budgets and programs to further lift Americans.”

In addition to Yellen, Tanden and Adeyemo at the event, Cecilia Rouse and CEA member candidates Jared Bernstein and Heather Boushey were candidates for President of the Council of Economic Advisers (CEA). Most of Biden’s selections served in some capacity in the Obama administration, similar to members of Biden’s planned national security team last week.

Biden focused on diversity, with four of the six people announced Tuesday and three minorities. Yellen will be the first female finance minister; Rouse, an economist at Princeton University, would be the first black woman to lead the CEA; Adeyemo would be the first black man to serve as deputy finance minister; and Tanden, who is Indian-American, would be the first colorful woman to oversee OMB.

In an unexpected move, Biden announced Tuesday that he will serve as a member of Rouse’s cabinet, raising the position of head of the CEA after falling under Trump.

Biden is expected to appoint Brian Deese as director of the White House National Economic Council, but Deese was not among those who attended Tuesday’s event. Deese, who shouldn’t have ratified the Senate, made some progressive criticisms for working for BlackRock after leaving the Obama administration, but the reaction of the progressives was quite gentle overall.