Senator Elizabeth Warren (D., Mass.) has her eyes set on the role of Treasury secretary if Joe Biden wins the presidency next week, according to a new report.
Three Democratic officials who have spoken with Warren’s inner circle told Politico that under a Biden administration the progressive Massachusetts Democrat would make her case for the position which will be integral in trying to pull the U.S. economy out of its coronavirus pandemic-induced recession.
Warren’s team would not confirm the news, telling Politico only that, “It’s 5 days out, we’re focused on the election and encourage everyone else to be as well.”
Others being considered for the post include Federal Reserve Governor Lael Brainard; Sarah Bloom Raskin, a former Treasury Department official; and Roger Ferguson, former Federal Reserve vice chairman and current CEO of financial services giant TIAA, according to the report.
A Warren appointment would please progressives who have called for her to get the role, but would likely receive pushback from Wall Street and moderate Democrats. Warren, who set up the Consumer Financial Protection Bureau, would likely pursue stricter regulations on the financial sector.
During the Democratic presidential primary, Warren touted a number of proposals that sought to reign in some of the nation’s largest companies, including Amazon and Google, and proposed tax hikes on the country’s wealthiest.
Some on Wall Street have expressed concern that a Warren nomination would hurt the markets at a time when Biden will seek to ask Congress for a multi-trillion dollar stimulus package, which could serve as a deterrent for Biden in terms of selecting Warren.
Warren would have to balance the opportunity to maintain her safe Senate seat, and potentially pursue a seat on the Senate Finance Committee, with the chance to address some of the big structural changes she pushed during the presidential primary.
If Warren were to be chosen and accept the role, Massachusetts’ Republican governor, Charlie Baker, would name her successor. However, because Democrats hold a supermajority in the state legislator, they could decide to change the rules and require that the governor choose a replacement from the same party as the previous senator.