Joe Biden, the US president-elect, has announced key members of his economic team, confirming his selection of Janet Yellen, the former Fed chair, to serve as Treasury secretary, and Neera Tanden, a former aide to Hillary Clinton, as budget director.

Mr Biden also tapped Cecilia Rouse, a Princeton University professor, to chair the White House council of economic advisers, flanked by Jared Bernstein, his former chief economist as vice-president, and Heather Boushey, an economist specialising in income inequality.

“This is the team that will deliver immediate economic relief for the American people during this economic crisis and help us build our economy back better than ever,” Mr Biden said in a statement.

“This team is comprised of respected and tested groundbreaking public servants who will help the communities hardest hit by Covid-19 and address the structural inequities in our economy,” he added.

While Ms Yellen and Ms Rouse are not expected to face any big obstacles in securing Senate confirmation for their positions, Ms Tanden is most at risk of being blocked.

Senior Republicans have already indicated their opposition to her nomination, and even some progressive Democrats believe she is too centrist, pointing to her support for deficit reduction measures during the Obama administration.

However, the political calculations surrounding the Senate confirmation of Mr Biden’s appointments will hinge on the outcome of the two run-off races for upper chamber seats in Georgia, which will be decided in early January.

Mr Biden also chose Wally Adeyemo, the president of the Obama Foundation and a former international economic policy official during his administration, to be deputy Treasury secretary.

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Brian Deese, a senior executive at BlackRock, is widely expected to be chosen to be director of the National Economic Council at the White House, coordinating policy across agencies, but his nomination was not among those announced on Monday.

Via Financial Times