Biden names top economic team to focus on recovery from pandemic

United States (US) President-elect Joe Biden named several women to his top economic policy team on Monday, including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee, setting the stage for diversity and a focus on recovery from the pandemic.

The advisers, several of whom would need to be approved by the US Senate, come from liberal research organizations and worked in previous Democratic administrations.

Their aim will be to set policies that can help people and businesses recover from the damage done by the coronavirus pandemic, which has killed more than 266 000 people in the United States and cost millions of jobs.

“This team looks like America and brings seriousness of purpose, the highest degree of competency, and unwavering belief in the promise of America,” Biden said in a statement. “They will be ready on day one to get to work for all Americans.”

US President-elect Joe Biden speaks to reporters about efforts to confront the coronavirus:

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Biden is expected to formally introduce the new economic team members on Tuesday, the transition team said.

Yellen, 74, was head of the US central bank from 2014 to 2018 and had served as the chair of President Bill Clinton’s Council of Economic Advisers.

On Twitter, Yellen underscored the challenges facing the United States: “To recover, we must restore the American dream a society where each person can rise to their potential and dream even bigger for their children.

As Treasury Secretary, I will work every day towards rebuilding that dream for all.”

Kristalina Georgieva, managing director of the International Monetary Fund, welcomed Yellen’s nomination. “It will be great to have a strong, tried and tested, exceptionally talented woman at Treasury!”