Biden Victory Sparks Speculation on Brainard as Treasury Secretary and Bernstein as Economic Advisor

Heightened Attention on Potential Cabinet Members... Obama Administration Officials Mentioned
Possibility of Large-Scale Appointment of Women and African Americans to Emphasize Unity

Joe Biden, Democratic Party Presidential Candidate of the United States
[Image Source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Democratic presidential candidate Joe Biden will immediately begin forming a new cabinet once his victory in the U.S. presidential election is confirmed. Given the need for a major overhaul of the policies implemented during Donald Trump's four years in office, it is expected that many officials with experience overcoming the financial crisis during the Barack Obama administration, as well as women and African American figures, will be appointed.

On the economic front, Lael Brainard, a member of the U.S. Federal Reserve (Fed) Board, is rumored to be appointed as Secretary of the Treasury, while either Heather Boushey, co-founder of the Washington Equitable Growth Center, or Jared Bernstein, senior fellow at the Center on Budget and Policy Priorities, is expected to serve as White House economic advisor.

According to reports from the Washington Post (WP) and others on the 5th (local time), if Biden begins cabinet appointments, Ron Klain, who served as Chief of Staff during Biden's vice presidency, is considered a strong candidate for White House Chief of Staff. WP explained that Klain's experience managing the Ebola virus outbreak during his tenure as Chief of Staff would be helpful in handling the COVID-19 pandemic. Cedric Richmond, a current co-chair of the Biden campaign and a member of the House of Representatives, is also a possible candidate for Chief of Staff, but if not selected, he is expected to take another position within the White House.

On the foreign affairs and security front, foreign media reported that Susan Rice, who served as a National Security Council (NSC) advisor during the Obama administration, is highly likely to join the cabinet. Rice, who was also mentioned as a potential vice presidential candidate, is being discussed as the first Secretary of State in the Biden administration. However, there are concerns that conservatives may oppose her due to controversy over her explanation of the 2012 attack on the U.S. consulate in Benghazi, Libya, when she was the U.S. ambassador to the United Nations (UN). She described the incident as a spontaneous event caused by protesters incited by an anti-Islam video rather than a terrorist attack. Another candidate for Secretary of State is former Deputy Secretary of State Tony Blinken.

Michelle Flournoy, former Undersecretary of Defense for Policy, is strongly mentioned as a candidate for Secretary of Defense. If appointed, WP reports she would become the first female Secretary of Defense in U.S. history. Jay Johnson, an African American who served as Secretary of Homeland Security during the Obama administration, is also considered a candidate for Secretary of Defense.

Lael Brainard, a current Fed Board member, is a leading candidate for Secretary of the Treasury, a position that will attract market attention. A Harvard Ph.D. in economics, Brainard was appointed to the Fed Board in 2014 and has experience working as Deputy Assistant Secretary for International Affairs at the Treasury Department during the Obama administration. If appointed, she would become the first female Secretary of the Treasury in the 231-year history of the U.S. Treasury Department. Other Democratic candidates under consideration include Rhode Island Governor Gina Raimondo and Senator Elizabeth Warren.

Roger Ferguson, a prominent African American economist and chairman of the Teachers Insurance and Annuity Association of America (TIAA), may also join Biden's economic team. He served as Vice Chairman of the Fed from 1999 to 2006 and played a role in stabilizing financial markets during the 9/11 attacks in 2001 while substituting for Chairman Alan Greenspan, who was abroad at the time. For White House economic advisor, it is said that Heather Boushey, who currently advises the Biden campaign externally, and Jared Bernstein, who served as chief economic advisor during the Obama administration, will be appointed.

Foreign media expect that if Biden wins and forms an administration, it will be the most diverse in U.S. history in terms of race and gender. Axios, a U.S. political media outlet, stated, "Most of Biden's long-time staff, primarily white men, are expected to enter the White House," but citing a Biden insider, it added, "He intends to appoint women or people of color to positions such as Secretary of State, Defense, Treasury, and Justice."

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