Fed governor Lael Brainard, frontrunner for new US Treasury secretary, falls behind in race – world news

Fed Governor Lael Brainard has slipped from among top contenders for Treasury secretary under Joe Biden, according to people familiar with the matter, as the president-elect’s team winnows its choices for key positions.

Brainard, a favorite for the post before the election, has had little contact with Biden’s transition officials since he won, two of the people said. They asked not to be identified because Biden hasn’t announced a nominee.

The president-elect may yet make history by appointing a woman to lead the Treasury Department for the first time. Janet Yellen, the former Federal Reserve chair, would meet his description of a person acceptable to the entire party. Progressives support her in part because she has endorsed the idea of taxing carbon emissions to fight climate change.

Biden said Thursday that he had decided on a nominee but wouldn’t say who it is. However, he gave a clue, telling reporters that his choice “is someone who I think is, will be accepted by all elements of the Democratic Party, from the progressive to the moderate coalitions.”

Brainard is opposed by some liberal groups because of perceptions she defended the Obama administration’s conciliatory position toward China and hasn’t advocated for strong climate change policies while at the Fed.

Brainard declined to comment through a Fed spokesperson. Yellen also declined to comment.

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

Recent Articles

India should be wary of Chinese mind games

A Hong Kong-based English newspaper has quoted Chinese military sources to claim that China has withdrawn 10,000 troops from its “disputed border with...

Alok Sharma made president of UN climate conference in Glasgow – world news

Alok Sharma, who was appointed to the cabinet role of Business secretary in the Boris Johnson government following the December 2019 election, was...

UK court to deliver judgement on Nirav Modi extradition on Feb 25 – world news

The judgement in the Nirav Modi extradition case will be delivered in the Westminster Magistrates Court on February 25, judge Samuel Goozee announced...

Shocked by Capitol siege, more aides, GOP backers desert Trump – world news

While Donald Trump on Friday said he will not attend US President-elect Joe Biden’s inauguration on January 20, the outgoing president’s deputy, vice-president...

Murder probe opens after US police officer dies in Capitol mob attack – world news

A US Capitol Police officer died in the attack on the building by President Donald Trump’s supporters, taking the toll up to five...

Related Stories