President-elect Joe Biden is formally introducing his economic team shortly in Delaware, with Treasury Secretary nominee Janet Yellen, OMB Director and the Council of Economic Advisers expected to stand on stage with him in Wilmington.
But today’s announcement is only one part of his economic team. Biden has settled on Brian Deese to lead the National Economic Council, people familiar with the transition tell CNN, and is still making final decisions on US Trade Representative, Commerce Secretary and others posts. Those announcements will be made in the coming days, transition officials say.
So what’s the difference between the Council of Economic Advisers and the National Economic Council? A simple way to look at the CEA is “the president’s think tank on the economy.”
Cecilia Rouse, who will be nominated to lead the CEA, will be joined by Jared Bernstein and Heather Boushey. The three-member Council of Economic Advisers was formed in 1946 to give economic advice to the president.
The National Economic Council was formed in 1993, during the Clinton administration, to coordinate policy across the government. It does not require Senate confirmation like the CEA.
As CNN reported on Sunday, Deese will play a lead role in implementing economic policy of the Biden administration. He is a veteran of the Obama-Biden administration, leading the auto rescue package and the economic recovery act. He was elevated through the ranks from deputy director of the NEC to deputy director of OMB. He played a key role in the Paris climate accords in 2015.