Fed Reserve Governor Brainard Said to Be Biden's Choice for Treasury Secretary

Sep 25, 2020 at 08:23 UTCUpdated Sep 25, 2020 at 08:24 UTC.Lael Brainard, a member of the Federal Reserve board of governors, could be Joe Biden's top pick for the Treasury secretary role if he should win this year's presidential election.

According to a report from Bloomberg Thursday, Brainard is seen as a character that would appeal to both Wall Street and progressives.

Biden is also said to be keen to pick a woman for the role - a historic move, as the Treasury secretary has always been a white male.

The presidential hopeful seeks a secretary who would help drive the economic recovery after the knock from the coronavirus pandemic and avoid dividing Democrats, per the report.

One Bloomberg source said Brainard would prefer the role of Federal Reserve chair, but would accept the Treasury secretary role if asked.

While she may appease conservatives on Wall Street, Brainard is progressive when it comes to technology, having been involved with the Fed's efforts to research a digital dollar.

"Given the dollar's important role, it is essential that the Federal Reserve remain on the frontier of research and policy development regarding CBDCs," she said at the time.

An economist told Bloomberg that if Biden were to choose Brainard, it would signal to the markets that that he "Intends to govern as a moderate, not give in to the progressive wing."

It's not a done deal with ex-Fed Reserve official Roger Ferguson and Atlanta Fed president Raphael Bostic also on the list - both are black men.

Sarah Bloom Raskin, a former deputy secretary at the Treasury is also keen on the role, the sources said.