Joe Biden has picked his Treasury Secretary, but he won't say who it is yet. Here are 3 people reportedly in the running.

Kate Duffy
·3 min read
Joe Biden
President-elect Joe Biden. Kevin Lamarque/Reuters
  • President-elect Joe Biden said Thursday he's made his Treasury Secretary pick, and that he will announce the nominee in the coming weeks.

  • "It's someone who will be accepted by all elements of the Democratic Party, from the progressive to the moderate coalitions," Biden told reporters in Delaware.

  • Biden's team indicated to the business community early Thursday that Biden had narrowed down his list to three people, according to people with knowledge of the matter, per CNBC.

  • Federal Reserve Board Governor Lael Brainard, former vice chairman of the US Federal Reserve Roger Ferguson, and former chair of the Federal Reserve Janet Yellen are reportedly front-runners for Treasury Secretary position.

  • Visit Business Insider's homepage for more stories.

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President-elect Joe Biden said Thursday he has picked his Treasury Secretary, and that he will announce the nominee in the coming weeks.

"You'll soon hear my choice for Treasury," Biden told reporters at a news conference in Wilmington, Delaware. "We made that decision, and you'll hear that just before or just after Thanksgiving."

Biden also said his pick will unite the Democratic Party.

"It's someone who will be accepted by all elements of the Democratic Party, from the progressive to the moderate coalitions," he added.

Early on Thursday, Biden's team indicated to allies in the business community that the President-elect had narrowed down his list for Treasury secretary to at least three people, according to people with knowledge of the matter, per CNBC.

The front-runners for the role include economist Lael Brainard, a member of the Federal Reserve Board of Governors. She served as economic adviser to former President Clinton and then as Treasury undersecretary in the Obama administration.

FILE PHOTO: Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017. REUTERS/Brian Snyder
Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge Reuters

Another potential pick is Roger Ferguson, a former vice chairman of the US Federal Reserve. He announced his retirement as CEO of fund manager Teachers Insurance and Annuity Association on Tuesday, the Wall Street Journal reported.

Roger Ferguson
Roger Ferguson, former vice chairman of the US Federal Reserve. Evan Agostini/Invision/AP

Janet Yellen, former chair of the Federal Reserve, is also a potential pick.

Ferguson would be the first Black person to hold the office. Brainard or Yellen would be the first woman to become Treasury Secretary.

Business Insider reported Saturday that Democrats close to Biden's team have said he's looking to make history on key appointments by placing women and people of color into positions that have typically been taken by white men.

Read more: Joe Biden has an extensive selection of women to pick from, thanks to his VP vettings. Here's who could make it into his Cabinet.

Biden has already delivered on his promise to pick the first female vice president, Kamala Harris.

Senator Elizabeth Warren had been mentioned as a possible contender for the Treasury Secretary position, but she appears to be out of the running, per CNBC.

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