Former BlackRock Exec, Obama Official to Take Key Position in Biden Admin - Report
Deputy Treasury Secretary Wally Adeyemo, a former Obama-era Treasury official and senior adviser at investment firm BlackRock, is likely to be appointed as President Joe Biden’s top economic adviser early next year, according to Bloomberg Wednesday.
Brian Deese, the current director of the National Economic Council, is expected to leave this spring after fulfilling his promise to serve for two years in the position, Bloomberg reported. While White House personnel have yet to formally present options to Biden, confirmation of a Democrat-controlled Senate come the new year has made it significantly easier for Biden’s team to replace Adeyemo at Treasury, boosting the likelihood he gets tapped for the position.
Adeyemo, if selected, would become the second BlackRock alumnus in a row to serve as Biden’s top economic adviser, having served as chief of staff to CEO Larry Fink, according to NPR, in addition to working as a senior adviser at BlackRock’s Center for Strategic and International Studies, according to the Treasury Department. Deese, who was a key negotiator in the Paris climate accords under the Obama administration, served as BlackRock’s global head of sustainable investing before taking his current position in the Biden administration.
BlackRock has drawn significant criticism from Republican officials this year, who have alleged that the firm has prioritized social issues over generating returns for their customers.
Adeyemo initially joined the Treasury Department in 2008, becoming a key player in the Obama administration’s response to the Great Recession before serving as the first chief of staff to the Consumer Financial Protection Bureau, according to the Treasury Department. Adeyemo, who served as a senior international economic adviser to Obama starting in 2015, was named president of the Obama Foundation in 2019.
Several other staffers within the White House and Treasury Department are expected to depart following the midterms, as the administration refocuses its policy objectives and officials look for greener pastures, according to Bloomberg. Chair of the Council of Economic Advisers Cecilia Rouse, for example, is reportedly expected to return to her position at Princeton University following the conclusion of a two-year leave of service in the new year.
Decisions regarding personnel likely will not be finalized until early next year, Bloomberg reported.
Neither the Treasury Department nor the White House immediately responded to a Daily Caller News Foundation request for comment.
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