Biden "Treasury Secretary Decided... Will Satisfy Both Moderates and Progressives" (Comprehensive)

Mention of Announcement Around Thanksgiving
Appointments Seem to Consider Intra-Party Faction Conflicts
Brainerd, Yellen, Ferguson, Warren, etc. Discussed

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] President-elect Joe Biden has already decided on his nominee for Secretary of the Treasury and will announce it soon. He added that the specific timing would be around Thanksgiving at the end of this month.

On the 19th (local time), at a press conference held after a video meeting with governors, Biden mentioned this in response to a question about the announcement of the Treasury Secretary nominee, explaining, "It will probably satisfy Democrats."

So far, Biden has announced nine senior White House appointments, including Ron Klain as White House Chief of Staff, but has not yet revealed the list of cabinet members. According to the President-elect's remarks, the Treasury Secretary appointment has already been finalized, and reviews of other key cabinet positions are underway.

According to U.S. media, there has been speculation around the transition team that announcements for nominees for Secretary of State, Treasury Secretary, and Secretary of Defense will be made after Thanksgiving and in early December.

With Biden revealing that he has tentatively selected the Treasury Secretary, attention is expected to refocus on who will become the inaugural secretary. Local media have mentioned Lael Brainard, Federal Reserve (Fed) Board member; Janet Yellen, former Fed Chair; Roger Ferguson Jr., former Fed Vice Chair; and Senator Elizabeth Warren as potential candidates for Treasury Secretary.

The media paid close attention to Biden's remark that "it will satisfy Democrats." The New York Times (NYT) reported that the nominee was chosen to satisfy both moderate and progressive factions. Recently, despite the Democratic Party's victory in the presidential election, conflicts between moderates and progressives have been spreading over post-election rewards and policy directions.

It appears certain that Biden has selected a figure who can encompass all factions within the party. Politico reported that progressives have favored Senator Warren, who has emphasized financial reform, as Treasury Secretary. Politico also noted that if there is opposition within the Democratic Party to the Treasury Secretary nominee, Senate confirmation might not be easy, and Biden likely considered this situation.

If one of these candidates is selected, the long-standing perception that the Treasury Secretary is a white male will be broken. Besides all being current or former Fed officials, none of the candidates are white males. Brainard, Yellen, and Warren are women, and Ferguson Jr. is Black.

Other cabinet appointments are expected to be announced after the Georgia Senate elections in January next year. This is because it will be confirmed then whether the Democratic Party can secure the majority in the Senate. If the Republican Party secures the majority, there is a possibility of a bipartisan cabinet including Republican figures. There are also forecasts that Biden will attempt to leverage his relationship with Mitch McConnell, the Republican Senate Minority Leader, to seek cooperation on cabinet appointments.

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