Main lines from the presentation of Biden’s new business team

“It’s a first-class team that will get us through this ongoing economic crisis and help us rebuild the economy, and not just rebuild, build better than we used to,” Biden said. “A tested and experienced team that includes pioneering Americans who come from a variety of backgrounds but who share my vision of economic aid here in the United States.”

Biden stressed the need to help businesses and schools open up safely and provide immediate economic assistance to the millions of Americans who lost their jobs in the pandemic. The president-elect said his transitional team “is already working on what I will put forward at the next congress to address multiple crises, particularly the economic and Covid crises.”

“The team I am announcing today is critical to shaping our action plan starting on day one and is moving fast to revitalize this economy,” Biden said.

Biden’s transitional team on Monday announced several economic candidates who would write history if confirmed by the U.S. Senate. In addition to Yellen, the team includes: Adewale “Wally” Adeyemo, who would be the first black deputy finance minister; Cecilia Rouse, who would be the first woman of color to chair the Council of Economic Advisers; and Neera Tanden, who will be the first colorful woman and the first South Asian American to be the director of the Office of Administration and Budget.

Biden also announced plans to appoint Jared Bernstein, Biden’s long-term economic adviser, and Heather Boushey, one of Biden’s key economic policy advisers, as a member of the Council of Economic Advisers during the campaign. Bernstein and Boushey do not need ratification of the Senate.

Here are the highlights of the event:

Janet Yellen, candidate for finance minister

“The value of work has always stuck with me, so much so that I have become an economist because I was worried about the unemployment of people, families and communities. And I have tried to secure my career so that people can work and achieve the dignity and self-esteem that comes with it.”

“The pandemic and the economic downturn, which together have done so much damage and disproportionately affected the most vulnerable of us. Lost lives, lost jobs, small businesses struggling to survive, have closed for good. So many people are struggling to put food on the table, pay the bills and the rent. It’s an American tragedy. And it’s essential that we move forward urgently. “

Candidate for Director of the Office of Administration and Budget, Neera Tanden

“I’m especially proud to work with leaders who understand that the budget is not an abstraction but a reflection of our values. They touch our lives deeply and sometimes change everything.”

“I’m here today because of social programs, budget decisions, a government that saw my mother’s dignity and gave her a chance. Now it’s my deep honor to help shape these budgets and programs to keep elevating Americans, pulling families off the edge. to give everyone my mother a chance and what every man deserves. ”

Adewale “Wally” Adeyemo, deputy candidate for finance

“I think that’s what the civil service is all about, giving people the best, fair picture when they need it most, giving hope in the dark times, and ensuring that the economy works not only for the rich but also for hard-working people. . “

“I look forward to working with Janet Yellen to reduce inequalities in this country and expand the middle class and make sure we build an economy that works for everyone. And as we rebuild better, we must continue to focus on the laser Treasury. the critical role of the Department of Defense in protecting national security, which includes using a system of sanctions to hold bad actors accountable, dismantling the financial networks of terrorist organizations and others who want to harm us, and ensuring that foreign investment policy protects America’s national security interests.

Cecilia Rouse, President-designate of the Council of Economic Advisers

“Once again, we are experiencing one of the worst workplace crises since the Great Depression. Millions of families have turned their lives around. The safety net is worn out, leaving vulnerable Americans in hardship and hopelessness. never before.This is a moment of urgency and opportunity, unlike in modern times.The urgency of ending the devastating crisis and the opportunity to build a better economy in the country.Wake, an economy for all that creates satisfactory job opportunities and leaves no one behind on the cracks. “

Jared Bernstein, appointed to the Council of Economic Advisers

“If you want to be part of the solution, you have to diagnose the problem accurately. In this regard, I think the agenda of the president and the elected vice president is timely, resonant and visionary. Yes, they stressed the urgent need to control the virus and families and providing businesses with the relief they need to get to the other side of the crisis. But they were just as adamant that going back to where we were is setting the standard too low. We need to rebuild an economy that is much more resilient, much fairer and more inclusive. “

Appointment of Heather Boushey, Council of Economic Advisers

“When I first experienced this thing called the economy, my parents sat down and explained that things would get harder for a while because my father fired me. In America, too many kids experience the economy in such difficulties. Conversations or much worse. Shocked by the the profound power that this mysterious power has held in my life, friends, and community, and I wondered if that power could be used to create happier conversations and a fuller life either.I figured out in my career how we could grow and sustain the middle class, and eradicate gender and racial barriers that leave too many Americans out of their dreams. “

Vice President Kamala Harris said on Tuesday that “this is the right team for the moment.”

“This is the team we need to provide immediate economic assistance to the American people to get our economy back on track and make sure it’s right for the working people,” Harris said.

“These civil servants are the brightest minds in America,” Harris said. “Proven leaders whose talents, achievements and life stories, their life stories reflect the stories of the American people and their stories reflect the best in our country. And not only their experience, expertise and what is needed to help end this economic crisis, but also what people need to put it to work. “

Biden quickly moved to build his administration and named a diverse group of key White House senior advisors and cabinets. The president-elect has long pledged to create an administration that looks and reflects the country’s diversity.

Yellen has been in history as the first woman to chair the Federal Reserve. He previously served as Vice Chairman of the Board for four years, and prior to that as President and CEO of the Federal Reserve Bank of San Francisco for four years. From 1997 to 1999, Yellen was also chairman of the White House Economic Advisory Council.

Adeyemo is currently president of the Obama Foundation. During the Obama administration, he held a number of roles, including the president’s senior international economic adviser, deputy national security adviser, deputy director of the National Economic Council, first chief of staff in the Office of Consumer Financial Protection, and senior adviser and deputy chief of staff. in the treasury department.

Tanden is the CEO and president of the left-leaning Center for American Progress and the CEO of the American Progress Action Fund. Tanden was previously a health advisor to the U.S. Department of Health and Human Services. He was the director of domestic politics for the Obama campaign and the political director for Hillary Clinton’s first presidential campaign. The Tanden announcement provoked more outrage than any candidate so far, with progressive Democrats and Republicans expressing opposition.

Rouse served as dean of the Princeton School of Public and International Affairs and as a professor of economics and public life at Princeton University. He was previously a member of President Barack Obama’s Economic Advisory Board and served on the Clinton Government’s National Economic Council as a special assistant to the president.

Boushey was one of Biden’s chief economic policy advisers during the campaign and was appointed a member of the Council of Economic Advisers. Boushey Biden is a long-term economic advisor, currently president and CEO of the Equitable Growth Center in Washington, D.C., a nonprofit organization he founded in 2013.

Bernstein has long been Biden’s economic adviser and has been appointed a member of the Council of Economic Advisers. Bernstein was previously executive director of the White House Task Force at the middle class and was economic advisor to President Barack Obama. He was also a senior deputy economist in the Department of Labor under President Bill Clinton.