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Scoop: Reasons why Warren will become Biden’s Secretary of the Treasury



Other major competitors of the Treasury Department include Federal Reserve Board Governor Lael Brainard (Lael Brainard); former US Treasury Department official Sarah Bloom Raskin (Sarah Bloom Raskin); former Federal Reserve Vice Chairman, financial services giant Roger Ferguson, current CEO of TIAA.

Pat Warren will gather progressives who have been working hard (some quietly, some loudly) to get her to this role. But this may also cause strong opposition from Wall Street and some moderate Democrats.

Warren spokesperson Kristen Orthman said: “The event has been going on for 5 days. We will focus on the election and encourage everyone else to participate in the election.”

; This Massachusetts The senator will run for Biden in New Hampshire this weekend.

Since ending her presidential campaign last spring, Warren has often been promoted to the Treasury Department candidate, and she has established an economic advisory relationship with Biden, but Her ambition. She can stay in a safe seat in the Senate, but is still an important representative of national politics.

But Warren’s allies say the work is attractive because it is a once-in-a-lifetime opportunity to implement what she calls “major structural changes.” During the presidential primaries, it is not just about putting pressure on cabinet officials. Much of her life’s work has revolved around the intricate rules and leverage of power in the administration.

In the economic crisis initiated by Covid-19, Warren also saw an opportunity to correct She thinks it is The Obama administration’s response to the Great Recession contained some mistakes, namely, it did not do enough to change underlying systemic problems or focus on the most vulnerable.

Veterans of the Obama administration see her as a forward populist, and this history may hurt her. But this can also attract Biden, who is eager to leave his mark in his government, not just Obama 2.0.

Sara Nelson, chairman of the Stewardess Association union, said: “She will be the one to meet now.” She added that she knew nothing about Warren’s plan and focused on electing the Democratic Party next week. “She understands all the failed strategies in the past, including how to rebuild the economy and how to support ordinary Americans.”

A fourth Democratic source who spoke with Warren’s former staff said that if Warren did not get a position in the U.S. Treasury Department, she might want to stay in the Senate and fight for a seat on that house’s influential finance committee. Supervisory agency.

If Warren is nodded in agreement, Wall Street’s response may be quick Bank executives fear Warren will be the first to impose stricter regulations on the financial sector. This is the reputation Warren himself enjoys in the Democratic primary. touting report Financial industry leaders worry about whether she can win the Democratic nomination.

The opponent of the Massachusetts Democrat in business is also whispering, saying that her nomination to lead the Treasury Department may deter the market, especially the bond market, at a dangerous time, just like Biden is asking Congress for trillions. The dollar stimulus package is the same.

Such warnings have actually deterred the former Democratic president. “I used to think that if there is a reincarnation, I want to come back to be president, pope or .400 baseball player. But now I want to return to the bond market. You can scare everyone,” James Carville in Bill Clinton (Bill Clinton) said during his presidency.

Other critics in the financial world question whether Warren is willing to prepare for this job: Although she has economic expertise, she lacks direct experience in financial markets. Her allies retort that few people except Warren himself have more knowledge about the market and the administration. They also pointed out that despite the doomsday targeted comments, she left a deep impression on centrists and progressives when the Consumer Financial Protection Bureau was established.

Another potential obstacle for Warren: Republican Massachusetts Governor Charlie Baker will appoint her successor under current state law.However, the Democrats have a majority of seats in the state legislatures and can decide to modify the existing rules-for example, requiring the governor to choose a replacement from the same party as the former senator as the seven states Already done.




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