President-elect Joe Biden announces key members of his economic team

The nominees and appointees include the first female treasury secretary, Janet Yellen.
23:11 | 12/01/20

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Transcript for President-elect Joe Biden announces key members of his economic team
This is an ABC news special report now reporting chief anchor George Stephanopoulos. Good afternoon we're coming in here right now because present only Biden is about to introduce his economic into the country they're in Wilmington Delaware including. The first female secretary of treasury nominee Jenny young the former chair. The board of federal Federal Reserve. She will be joined by several other veterans the Biden campaign and the Obama administration. Parallel to what we saw last week when. President elect announced his. National security team. To the country this team will not come without some constant controversy already drawing some fire near a tendon and is whose is going to be as nominee for the Office of Management and Budget. Drawing fire from Republican senators who say she will be difficult. To confirm. The president likes of the Jenny L and his choice for Treasury Secretary. Is someone he trusts and respects who will satisfy both wings of the Democratic Party both centrists and progressives. Real tension there among the other nominees as well including. I'll Wally any able. Who is the nominee for deputy treasury secretaries and other veteran of view mom an illustration now the president. The Obama foundation. Cecilia Rouse who is the we'll head. They council of economic advise of the chair of the council of economic advisors she served. On that council. Under President Obama she will be joined by Jared Bernstein and Heather Boucher. Two more progressive. Members of the Biden team lawn Jared Bernstein a long time recognize economic advisor to the vice president served with him. When the president when the vice president served under president elect President Obama. From 2008 to 2000. Sixteen you know that I know Mary Bruce is there in Wilmington Delaware as I said merry some of these picks could draw some fire on Capitol Hill. Get we have art even seeing especially near attended facing a lot of push back she is. Unknown quantity within the beltway she leads a liberal think tank which is also known for skewering Republicans on Twitter and on cable news and that is not sitting well but a lot of Republicans up on Capitol Hill here's the president. He and everyone thanks for being here. Well for everyone had a enjoyable and safe Thanksgiving. Even who was far from the traditional large gathering of family and friends. Apart from you we love to but I hope you had a good Thanksgiving. You know times are tough but I want you to know that help is on the way. Last week announced the nominations is staffs were critical foreign policy and national security positions. A first rate team. It's gonna keep a safe and secure. It today. I have the pleasure. I have the pleasure of announcing key nominations. And appointments for the critical economic positions in the administration. A first rate team that's going to get us through this ongoing economic crisis. The helpless building economy back not just build a back to build back better than there was before. The team has tested and experienced. It includes groundbreaking Americans who come from different backgrounds. But a share my core vision for economic. Relief here in the United States America. Been given a fair shot. And an equal chance. There's nothing we all believe there's nothing beyond the capacity. Of the American people. Let's not forget. Who built this country working class middle class people built this country and unions built a middle class. And from the most political economic and job crisis in modern history. We can build a new American economy that works for all Americans not just some all. We need to act now though we need to work together. You know in the weeks since winning the election vice president Harrison I. Have covered meetings with the a number of people we convene meetings was labor leaders and CEOs at the same time. Mayors and governors of both political parties. There's a consensus out there. Doubt as he battled a Covert nineteen disease. We have to make sure that business and workers have the tools resources and guidance. The health and safety standards to be able operate safely. The goal simple to keep businesses and schools open safely. And for millions of Americans who have lost their jobs for hours. And it had to claim unemployment. We have to deliver them immediate relief. That includes affordable health care for millions of people lost it and are in danger of losing. Child care sickly family. So workers don't have to choose between work and family. Relief from rank and student loans. We need to support small businesses and don't for Norris who formed the backbone. Of the communities that we live in. That are teetering on the edge. No there's an urgent need to fund state and cities so they can the front line workers on those jobs can stay in the jobs. You know the founders are pretty Smart I actually could have gotten this lesson the future secretary of treasury. Do there's a reason why all the states and localities have to have a balanced budget were allowed federally. To run a deficit in order to deal with crises and emergencies we have in the past. And we have to keep vital public services running. We have to gives the Layton law aid to local and state governments to make sure they can have law enforcement officers firefighters educators. As we didn't Recovery Act of 2000. Right now before congress should come together and pass our robust package for relief. To address these urgent needs. But I khakis. Fasten lame duck session. Is likely to be at best suggests a star. My transition team is already working on. What I'll put forward in the next congress to address the multiple crises were facing a specially for economic. And Covert crisis. And the team are announcing today. Will pay a critical role in shaping our plan for action starting on day one. And move fast to revive this economy. They're gonna help me help us to help the country. Lay out my build back better plan. A plan that an independent analysis from Moody's and won't respect to Wall Street firm projected would create eighteen point six million jobs. Is based on a simple proposition. Reward hard work. In America not well. It's time to invest in infrastructure. Cleaner energy climate change credit for actually is so much more so create millions of good paying jobs. This time we address destruction on equities in our economy that this pandemic is laid bare. Economists call this current economy in recovery. Cake shaped. Well like to two winds coming off of the K so people. So people are seen. A prospect shore upward while others are watching their economic prospects dropped sharply. For those of the top jobs and come back their wealth is rising for example luxury home sales are up over 40%. Compared to last year. But from those in the middle in the bottom it's a downward slide you'll have figured out how to pay the bills and put food on the table. Oh most wanted every six renters. Was behind in rent payments as of October. Remedy Claire. Where this team and others. Will add in the weeks ahead. That we're gonna create a recovery for everybody for all. We're gonna get this economy moving again. Read a crate jobs raise incomes reduced drug prices advance racial. Equity across the economy and restore the backbone of this country the middle class. Our message to everybody struggling right now is this help is on the way. My dad. Heard me say this before when he lost his job in Scranton when I was a kid. And we eventually moved the family not far from your claim on Delaware is the outskirts of Wilmington. Used to say Joey. A job as well a lot more than paycheck. It's butchered dignity its about respect. Your place in the community. It's Bob being able acute kidney and see how many it's going to be okay. Immediate. Because she's just say Joey I don't expect the government to solve my problems. But I do expect to understand my props. This team understands. The secretary of treasury are you really. Pleased to be able to nominate Janet Yahoo!. No one is better prepared steel with these crisis. I wish you weren't as much of a crisis. Future secretary of the should be the first Treasury Secretary who was also chair the Federal Reserve. Vice chair of the Federal Reserve. And share the president's council of economic advisor. Jerry as well most important economic thinkers are marked time. She spent her career focused on unemployment. And should dignity of work which is really important to me that all of us she understands what it means. Two people. And their communities when they have good decent jobs. Respect across. Moment had been looked looked at by their neighbors should be respected. Matters a lot. And respected across. Party lines and around the world by main street and Wall Street. An educator mentored. Above all the daughter of a working class from a group where we're glad Brooklyn neighborhood. Who never forgot where she came from freshman George it's pretty good too. He won a Nobel Prize. But he's with a married up. General we should. Pre the first woman to hold this office. We might have to ask. Then Manuel Miranda who wrote the musical about the first victory treasury channel ten to write another musical about the first woman secretary of the treasury yelled we're. So that's what I'm working on an action. For director office of managing the budget. I nominate neared ten. You know I've known near a long time. A brilliant policy Monmouth critical practical experience across government. She was raised wise single mom. On food stamps have been murdered from India who struggle worked hard. And did everything she could for her daughter to live off the American dream. The near did just that. She understands the struggles that millions of Americans are facing. This should be the first woman of color from South Asia. From South Asian she'd be from South Asian. She and and I think that two lead on duty we also have another woman's woman's what is prince the United States of America. And so look. All would be very serious she's she's should be in charge of Leino the budget so help us control the virus. There were the economic crisis and build back better. But above all she believes what I believe. A budget. Should reflect our values. Again quoting my dad for real my dad's people who say Joseph let me tell that I value. We look at into the high school educated guy very well read you receive don't tell what you value show me your budget I'll tell you which. That's what you're gonna do for us. Is deputy secretary treasurer are nominate Wally out here and wall you Lisa bloom. You know wall in I don't know. Tell you what this. Senator Warner really like she. She grew highly recommend that you but I wouldn't shoot she worried I stole him as well. Thank you for removing do this wall. The skill leader and thinker and issues rings you true and macro economics to consumer protection. And from national security international affairs. I work with Wally during the Great Recession that was my excuses senators and that's why wants to I saw him tackled one big job afternoon. Deputy national security advisor to President Obama. Deputy director from National Economic Council. Former chief of staff's Elizabeth Warren. Where he helped create the consumer protection bureau and for financial bureau which has done so much good. It's designed to protect consumers from working people from unfair deceptive and abusive financial practices. And now wall and will be the first African American ever to hold this post in the highest ranking African American treasury department's history. An immigrant from Nigeria. Some of the nurse an elementary school principal. Wally understands everything we do is basically from the people for families hard working people. To understand their struggles. And most of all their dreams he understands both. I want to thank you all are for you fully do its. Four chairperson council economic advisors. I nominate now standing she was a very distinguished professor at Princeton. And joked my. My children who went ten news always kid about doing. But it's a serious issue routes will most distinguished economist of the country. An expert on labor economics is race poverty and education. Dean of the prince's school of public and international affairs. Member of the council of economic advisors to President Obama advisor to President Clinton into National Economic Council. More than that she's a proud daughter. Whose mom. School psychologists incurred church pursue her. Pursue economics. And her dad. One of the country's first African American astrophysicist. Who dared her to dream. She's done both. If confirmed she she will be the first and solutions to meet a fourth. Woman to lead the council of national income of economic advisors and the first African American ever to hold that post. And its CEA chair shall serve as a member of my cap this well. As a member of the council economic advisors were also point Jared Bernstein an old friend who would be a long time a brilliant thinker. Quick quick wit. The heart as big as his head. And hardy got from his mom and educator who raised him correctly. The social worker turned economist Jared is one of my closest economic advisors can track he shares my chief economist through the vice president's. He was there and that foxhole during the Great Recession. With the economy on the break and our country jobs back. I could begin anyone else who are want to be myself. To face the challenges ahead. Jared will be one of the leading voices in my administration economic policy. I can always count it and delivers straight from the shoulder as his hero if you're armistice straight from the shoulder. One thing I can assure is working people always have a voice and chair in those counts. As a member of the council economic advisors I point Heather Bruce day. Heather. Thank you for all the help your dad didn't transition team and getting me here she's one of the foremost economists working Emeka. Sure we build an economy that works for all Americans the daughter reunion family used to wonder she believes so deeply in the idea. That leave no one out leave known behind us. During the campaign relied on our council when addressing structural inequities and then come. And I'll do so again as president because the scent that's 1 of the central issues of our time. To this team thank you for accepting the call to serve again. You're up to your families. And to hear thank them for their sacrifices because as real sacrifice. We could not do this without. Into the American people for this team will always be there for you and your families this is family oriented. T we got to make sure ordinary people get a chance to do well because they've never when given a chance they'd never ever ever ever let the country. 200 years ago President Obama entered office during the Great Recession. And implement its Recovery Act he saved us from a Great Depression. I didn't see the map of America it's time nor did he in terms of Blue States red states. We only saw the United States America. We work with everyone forever. Or recover and rebuild together as one nation. Vice president Harrison on. We'll do that all over an outstanding team. They're ready on day one to United States senate. I hope those outstanding these outstanding nominees are received prompt cheery. And that we will be able to worker across the aisle in good faith. Move forward as one country. So let's begin the work to shield to move to rebuild an economy for all Americans. They deserve and expect nothing less us. Thank you may god bless you. May god protect our troops. And now turn this over its new team started to our next secretary of treasury. Janet young Jim Shannon thanks so will. You have a present liked fighting she sees economic team saying it's time for the team to act now on the economy Democrats Republicans. Have to work together team will be led. By his nominee for Treasury Secretary that is Janet Yellen former chair. The Federal Reserve former chair of the council of economic advisors. We'll also be the first woman as treasury secretaries who saw the president elect talk about they're joking that he might get Lin Manuel Miranda. Try to musical about Jenny on first she has to get confirmed want to bring Mary Bruce back from Washington merry. Likely Janet Yellen who was confirmed as good chair will get confirmed by the senate. But it's going to be hard to know until we see those runoff elections in early January meantime for the pres elect saying. Congress must act now on corona virus relief. You heard them they're calling for a robust an immediate stimulus package Washington of course has been deadlocked over another stimulus bill for months here today though we did see some glimmers of potential progress a bipartisan group of senators unveiling a 900 billion stimulus relief bill this is an attempt to try and get the ball rolling it would include 300 dollars a week in federal unemployment benefits that's half of what Democrats have been demanding it would also include a 160 billion. In funding for state and local governments that also. Is far less than what Democrats have been demanding that something the Republicans. Had previously rejected this bill would also include additional funding for small businesses schools health care and several other measures but George this does face. Oh real uphill battle here in Washington and if it does get done. It is going to be some of bill that is far more targeted and smaller than what the president elect in what Democrats are Washington have been eyeing which is why you heard Joseph Biden just now saying that this would be at best. Justice start but he is trying to projected it to the American people. Betsy kept saying over and over again help. Is on the way the question for millions of Americans are looking to Washington for a lifeline is wing will they be actually getting that help in their own while. Mayor Bruce thanks very much on Rainer Rebecca Jarvis are cheap is correspondent. As well Rebecca they need is so great out there unemployment still high as you heard the president elect safe. Many renters facing backlogs on their rent they remember seeing people should not being able to pay their student loans. But it appears that Wall Street is looking past all this has been on a tear since Election Day. Well it certainly has Georgian if you think about what Wall Street ripped slacks and in particular what the Dow rove blacks which. Has been up all throughout the month of November and higher today as well. It reflects the thirty some of the largest companies in the country thirty of them. And it's not reflective necessarily of the things that are happening on main street for example with the small businesses that are currently hanging on by a thread. Quit the millions of Americans. Who are still unemployed many of them have fallen into poverty in recent months. And that's something that has frankly existed on Wall Street. For a long time now and it will be part of the task in front of this. Team. It if they are sent into their jobs by congress. Amid the biggest thing right now the biggest challenge is that most acute challenge George. Bringing this economy which has faced so much struggle. Back from the pandemic bringing it back to a place where it can stand on solid footing but beyond that. You heard the president elect Biden address this you've heard members of his economic team. That he's not hurting today expressed this is well there is also be structural. Issues with this economy that this pandemic has exposed. And that is a larger question and how much longer a question for this team to address you heard president elect Biden speak about. Janet Yellen his nominee for Treasury Secretary arguably the most experienced person ever to be nominated. For that role she has broad support from the most progressives in the Democratic Party to Wall Street to corporate America. Very broad support. She also has a gigantic task in front of her and a background in dealing with things like unemployment and George. If you think about where we are in this economy right now still one very fragile footing will be getting a new unemployment report on Friday expected to show the fifth month of gains. In employment but still declines in those gains meaning. That the rate of job growth the rate of people being rehired and returning to work is slowing down and still layoffs. Persist at very high levels and while those who can still work from home and might have. A for a one here retirement savings account because they look at that stock market and feel. Quite positive and optimistic about things feel one way there is a very different. Mood happening in a large subset of America as well where if you are unemployed if you worked in the service industry three and a half million people who had jobs in hospitality and leisure in February no longer do. George for Rebecca Jarvis thanks very much this team chosen my present like Biden will help him formulate the plans one of the B questions will be. What can get through such a closely divided congress. Right now we're gonna return now to our regular programming also full coverage and ABC news life. And full reports tonight on world news tonight we did hear had a good afternoon. This has been a special report. From ABC.

This transcript has been automatically generated and may not be 100% accurate.

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