Joe Biden's Economic Team

Shortly following his victory in the 2020 United States presidential election, Joe Biden began to name key members of his economic team. These are critical positions, since the president sets the country's economic priorities with their guidance.

Let's take a look at notable members of President Biden's economic team.

Secretary of the Treasury

The Biden administration nominated former Federal Reserve Chairwoman Janet Yellen to be secretary of the Treasury. Yellen is the first woman to hold the job. In her position, she plays a leading role in shaping economic policy. Yellen’s top deputy at the Treasury Department is Adewale "Wally" Adeyemo, a veteran of the Obama administration and an expert on macroeconomic policy and consumer protection with national security experience.

Director of the Office of Management and Budget

The Office of Management and Budget (OMB), one of the largest of the executive branch, helps the president develop and administer the federal budget. For the director of the OMB, Biden originally chose Neera Tanden, head of the think tank Center for American Progress. Her nomination was subsequently withdrawn when it appeared she didn't have enough support to carry the nomination.

On November 24, 2021, Biden nominated Shalanda Young as director. Young had been serving as acting director since March 24, 2021. She was confirmed as director on March 15, 2022, becoming the first Black woman to lead the agency.

Chair of the Council of Economic Advisers

Biden chose Cecilia Rouse, a Princeton University labor economist, to chair the Council of Economic Advisers, a role Yellen had occupied during Clinton's administration. Rouse had previously been confirmed by the Senate as a member of the CEA in 2009. She was confirmed as chair on March 2, 2021. She is the first African American to lead the CEA.

At the time, Rouse was joined on the CEA by two campaign economic advisers, Jared Bernstein and Heather Boushey. Bernstein previously served as the chief economist to Biden in the first years of the Obama administration, while Boushey is an economist focused on economic inequality and the CEO of the Washington Center for Equitable Growth. In 2023, Rouse stepped down from the role, and Biden nominated Bernstein as CEA chair.

Secretary of Commerce

In January 2021, Biden announced that he would nominate Gina Raimondo to be secretary of Commerce. Raimondo was confirmed by the Senate on March 2, 2021. Prior, she served as the governor of Rhode Island, the first woman to hold the position.

Secretary of Labor

Biden tapped Marty Walsh—former mayor of Boston—to serve as labor secretary. As the leader of the Department of Labor, Walsh oversaw issues related to federal labor standards, including wages, workplace safety, unemployment benefits, and workplace conditions. Walsh stepped down from the role in 2023.

Following Walsh's resignation, Julie Su, an attorney and former labor secretary of California, stepped in to serve as acting labor secretary.

Trade Representative

In December 2020, Biden chose Katherine Tai to serve as U.S. Trade Representative, a role tasked with advising and negotating trade policy. Tai previously served as as chief trade counsel and trade subcommittee staff director for the ways and means committee of the House of Representatives. Tai was confirmed by the Senate on March 2021.

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB) is a unit within the Federal Reserve system. The agency is responsible for overseeing protections for consumers in the finance sector. In January 2021, Biden announced that he would nominate Rohit Chopra to serve as the bureau's director. Previously, Chopra had served as a commissioner of the Federal Trade Commission and as a student loan ombudsman at the CFPB prior to that.

Federal Trade Commission

The Federal Trade Commission (FTC) is responsible for overseeing antitrust law and consumer protections. President Biden nominated Lina Khan to serve as chair of the FTC in March 2021. Khan was then confirmed by the Senate and sworn into the role in June of that year. Prior, she was an associate professor at Columbia Law School. Khan is well-known for her research on the market power of tech firms. She is the youngest FTC chair and the first person of South Asian descent to hold the position.

Chair of the Federal Reserve

The chair of the Federal Reserve occupies a unique role relative to the other figures identified above. This is because the Federal Reserve itself has the distinction of being an agency that operates independently of the federal government. While its governors are appointed by the president and must be confirmed by the Senate, its monetary decisions are not subject to approval. The chair and vice-chair of the Fed are nominated by the president and also confirmed by the Senate.

Jerome Powell is the current chair. He was first nominated to the role by former President Donald Trump in November 2017, and re-nominated for a second term by President Biden in November 2021. Powell worked as assistant secretary and undersecretary of the Treasury under former President George H.W. Bush. Prior, he worked in law and investment banking.

The Bottom Line

Joe Biden began to announce members of his economic team soon after he won the 2020 presidential election. One of his most notable picks was Janet Yellen, whom he would go on to nominate for secretary of the Treasury. Yellen and other key figures of the president's economic team play an integral role in advising the president on critical issues.