Possible President-elect Joe Biden told reporters Thursday that he has decided on his selection for Treasury Secretary, saying the person will be “accepted by all elements of the Democratic Party,” and will make the announcement sometime around Thanksgiving.
“You’ll soon hear my choice for Treasury,” Biden responded at a news conference in Delaware. “We made that decision, and you’ll hear that just before or just after Thanksgiving.”
Biden promised the person he has picked will be one that appeals to all sides of a divided Democratic Party, expecting as a whole will accept this nominee, despite a divide within the party that is growing.
“You’ll find it is someone who I think will be accepted by all elements of the Democratic Party, from the progressive to the moderate coalitions,” he said.
Several potential names with the backing from both sides of the Democratic Party have emerged with progressives selecting Sen. Elizabeth Warren (D-MA) while moderates have a longer list of names. Amongst the name circulating as potential picks from moderates includes front-runner Lael Brainard, the only Democrat board member on the Fed Reserve. Previously, Brainard served as Treasury undersecretary under the Obama administration.
Other moderates selections also include former Fed Chair Janet Yellen, former Fed Vice Chairman Roger Ferguson, former deputy Treasury secretary Sarah Bloom Raskin, Atlanta Fed President Raphael Bostic, and Ariel Investments co-CEO Mellody Hobson.
The selection for cabinet member is seen to be one closely watched that will determine if he will govern with members who previously worked for the Obama Administration while he was Vice President or cave to the progressive Democrats and its groups by selecting one of their backed candidates. Nominating a progressive will serve as a litmus test for his financial and economic agenda based on the Biden-Sanders Unity Task Force joint plan that both campaigns established over the summer.
The former Vice President and a long-time Senator is looking to work up old relationships once Republicans have embraced him as the President-elect and will reach out to Majorty Leader Mitch McConnell (R-KY) and Sen. Lindsey Graham (R-SC). For Biden, these two Republicans are not just rooted from the years working together as Delaware Senator, but a personal relationship that he hopes could help him whip the votes amongst the Republican caucus while cutting deals in order to pack his White House with his selections, with the possibility of naming a few progressives to quell down the group in fear of possible backlash.
Despite the divide amongst the Democratic Party, Biden also to worry about naming someone that can pass through a possible Senate Republican majority if either or both Georgia Sens. Kelly Loeffler and David Perdue win their runoff election in January. If the Democrats fail to win the two runoff elections to have a 50-50 tie in the Senate, the selection of whom Biden names to shape his administration is projected to deepen the already weak majority the caucus has.