President-elect Joe Biden is set to formally name key members of his economic team on Monday, with the long-expected announcement of Janet Yellen as Treasury Secretary, CNN has learned, along with two other women in top roles on a diverse team that will help him navigate the nation’s punishing fiscal headwinds in hopes of building an economic recovery.
He is expected to name Neera Tanden to lead the Office of Management and Budget, two people familiar with the appointment said, elevating Tanden, the CEO and president of the left-leaning Center for American Progress, into the top ranks of his administration.
He’s poised to name Cecilia Rouse, a Princeton economist, to lead the Council of Economic Advisers, which would put another Black woman in a high-profile role of Biden’s top advisers. Rouse served on the council during the Obama administration.
Among the barrier-breaking nominees Biden is announcing is Adewale “Wally” Adeyemo, president of the Obama Foundation in Chicago, for deputy Treasury Secretary, serving under Yellen. If confirmed, he would be the first Black deputy Treasury Secretary. Yellen, if confirmed, would be the first woman to serve as Treasury Secretary.
Adeyemo served on the National Economic Council of the Obama administration and last fall was named as the first president of the Obama Foundation.
The Wall Street Journal first reported on Biden’s expected economic picks.
The announcements are expected to be made Monday in a statement, officials said, with the team set to be formally introduced by Biden during an event Tuesday at his transition headquarters in Wilmington, Delaware.
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The economic team is among the most critical pieces of the new administration, whose successes or failures will play a large role in determining the course of the Biden presidency.
Biden is also still set to name the leader of the National Economic Council, officials said, as well as United States Trade Representative, the Consumer Financial Protection Bureau and other posts.
It is unclear whether Biden will name his Commerce Secretary nominee this week, officials said, and the timing of other key economic positions also could be shifted based on final decisions and last-minute adjustments.
Several people close to the transition tell CNN this is a glimpse of leading contenders for other key roles on the economic team:
Brian Deese, a former top economic adviser in the Obama-Biden administration, is among the leading contenders to head the National Economic Council, officials said. He served as deputy director of the OMB and the NEC and is now a top official at BlackRock, the world’s largest asset manager.
Roger Ferguson Jr., who served as vice chairman of the Federal Reserve, is also seen as a leading contender for the