Treasury Secretary Elizabeth Warren?

If Joe Biden wins the White House in November he is likely to pick Elizabeth Warren as Treasury Secretary, Jaret Seiberg of Cowen Washington Research Group predicts. Meanwhile, if Trump wins he is likely to maintain Steven Mnuchin in the position.

Seiberg highlights that the position is especially critical given the COVID-19 economic crisis. "This will be the person responsible for crafting the recovery plan," he notes. "The pick also gets to decide how aggressive the Main Street and other Federal Reserve loan programs can be in getting cash to struggling businesses."

If selected to the position, Seiberg sees Warren advocating for higher taxes, a return of the fiduciary duty rule, and enhanced oversight of the biggest bank. "While we don't think Democrats could enact a financial transaction tax, Warren would certainly keep this issue alive," he added. Further, Seiberg said each speech would represent headline risk.

The only thing that keeps her out of Treasury would be if her departure hands the Senate to the GOP, he said.

Others that could be selected for the position if Biden wins include Lael Brainard, Roger Ferguson, Sarah Bloom Raskin, Pete Buttigieg, Sheila Bair, and Michael Bloomberg.

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