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Biden's possible picks for Treasury Secretary

Yahoo Finance’s Adam Shapiro and Seana Smith speak with Brian Cheung about who’s on the short list to become President-Elect Biden’s Treasury Secretary.

Video Transcript

SEANA SMITH: We want to turn our attention to what the future looks like, and that's the future of President-elect Joe Biden's cabinet, especially when it comes to important appointments, such as the Secretary of the Treasury. Brian Cheung joins us now with who is in the running and who may be on the outs.

BRIAN CHEUNG: Well, Adam, there's a bit of a parlor game going on in Washington D.C. over who the Biden administration will pick as their Treasury Secretary. An enormously important role, especially given the fact that we find ourselves in that worst economic downturn since the Great Depression. So whoever that person ends up being will have their work set out for them.

Here's what the layout is right now, as of the press reporting, for who could be under consideration. Obviously the likes of Lael Brainard, the current Fed governor who was apparently the top front-runner before the election actually even happened. But Janet Yellen, the former Fed Chair under the Obama administration, has really emerged as a front-runner, according to Bloomberg, as reported over the weekend.

But there are a number of other officials that could be named for that spot as well, including the likes of former Fed vice chair Roger Ferguson, former Fed governor Sarah Bloom Raskin, current Atlanta Fed president Raphael Bostic, in addition to Senator Elizabeth Warren.

Now a lot of the names that you're seeing ahead of you interestingly are officials who either currently are at the Federal Reserve or formerly of the Central Bank, which is an interesting approach to the Treasury Secretary role, given that that's fiscal policy, the other side of the coin to economic policy to the Federal Reserve, which does, as we know, monetary policy. So a very interesting approach from the Biden administration, if indeed these are the names that are being floated.

What is interesting to watch is the thread between the potential candidates of people who are appearing to be more moderate progressive candidates who had experience in Washington D.C. Very different than the Trump approach to naming a banker in the private space, like the likes of Steven Mnuchin, who has obviously been heading the Secretary-- or rather, been Secretary of the Treasury since the beginning of the administration in 2017.

So a lot of moving parts here. Obviously we don't know a timeline for when the Biden administration will announce anything, so we don't really know who the front-runner is right now, but a lot of Federal Reserve names at that list, at least for the time being.