Yellen: Economic Crisis from Covid Pandemic Is an 'American Tragedy'

U.S. President-elect Joe Biden on Tuesday introduced top advisers he says will help his administration rebuild an economy hammered by the coronavirus pandemic.

He picked liberal advisers who have long prioritized the nation's workers and government efforts to address economic inequality, as unemployment remains high and as the COVID-19 outbreak widens the gulf between average people and the nation's most well off. The virus, which has killed more than 268,000 Americans, is resurgent across the country amid holiday travel and colder weather sending people indoors.

As he did frequently while campaigning, Biden promised that the U.S. would eventually emerge with an economy that was dramatically remade to better stamp out economic inequality.

Most of his choices will require confirmation from the deeply divided Senate, where some top Republicans have already begun voicing opposition.

Janet Yellen, Biden's nominee for treasury secretary, served as chair of the Federal Reserve from 2014 to 2018, when she placed a greater emphasis than previous Fed chairs on maximizing employment and less focus on price inflation. Biden also named Cecilia Rouse as chair of his Council of Economic Advisers, and Heather Boushey and Jared Bernstein as members of the council.

Yellen, if confirmed by the Senate, would be the first woman to serve as treasury secretary, after breaking ground as the first woman to chair the Fed. Rouse would be the first Black woman to lead the CEA in its 74 years of existence.

The president-elect also selected Wally Adeyemo to be Yellen's deputy, which would make him the first Black deputy treasury secretary. Neera Tanden, Biden's pick for director of the Office of Management and Budget, would be the first South Asian American in that job. Rouse, Tanden and Adeyemo will all require Senate confirmation, and Tanden in particular is already drawing heavy Republican criticism.

All of Biden's picks are outspoken supporters of more government stimulus spending to boost growth — which Biden embraced on the campaign trail — though their proposals could face a difficult reception in Congress, which has stalemated on a new round of economic relief for months.

Meanwhile, Vice President-elect Kamala Harris says there is a "hunger crisis in America now" due to the COVID-19 pandemic but promised quick action to address the challenge when in office.

Harris said that dealing with the economic fallout of the pandemic "could not be more urgent," noting the ongoing spike in COVID-19 cases as the weather has gotten colder. She also says that in addition to the loss of hundreds of thousands of Americans, "the toll of this recession continues to mount across America."

Harris referenced the significant number of American adults with children saying their families are going hungry, and the even higher rate of adults saying they're having trouble paying their "essential" bills.

She says the Biden administration's economic team, which was unveiled Tuesday, would put "working people front and center" to pursue reforms to make the economy work better for all Americans, and would "hit the ground running on day one."

Subscribe to our YouTube channel

Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.

To watch complete coverage on Bloomberg Quicktake 24/7, visit or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app.

Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake

Connect with us on…

Breaking News on YouTube