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The next U.S. Treasury Secretary is forming a team and inviting Obama officials to take important positions.

The next U.S. Treasury Secretary is forming a team and inviting Obama officials to take important positions.

Former President Barack Obama speaks at a rally at Belle Isle Casino in Detroit, Mich., Saturday, Oct. 31, 2020, also attended by Democratic presidential candidate former Vice President Joe Biden. (AP Photo/Andrew Harnik)

Bloomberg reported that Janet Yellen, the next Treasury Secretary nominated by Biden and former chairman of the Federal Reserve, is forming a new Treasury team, intending to invite many Obama-era officials to take key positions.

According to people familiar with the matter who declined to be named, Yellen is considering inviting Seth Carpenter or Michael Barr as the deputy secretary of the Treasury to take charge of domestic financial affairs in the United States, including the management of $20 trillion in federal debt. Supervision of funds and financial institutions, etc. Both of the above have served in the U.S. Treasury Department.

Carpenter is currently the chief economist of UBS Securities in the United States. From July 2013 to February 2016, he worked for the United States Department of the Treasury and served as the “Acting” Assistant Secretary for Financial Markets. Carpenter worked for the Federal Reserve for 15 years (1999-2014) and served as the deputy head of the Federal Reserve’s monetary affairs department.

Barr is currently a professor of public policy and law at the University of Michigan and is a member of the Biden transition team. From 2009 to 2010, he served as the Assistant Secretary of the Treasury under Obama’s tenure, in charge of financial institutions. He is also the main drafter of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

In addition, Heidi Crebo-Rediker may serve as the Deputy Minister of Finance for International Affairs, who will be responsible for managing liaison with other countries and regions’ financial departments and the supervision of the Treasury’s exchange rate policy report.

Kreiber-Rydick is currently the CEO of International Capital Strategies LLC, a consulting firm. He served as the chief economist of the U.S. State Department during Obama’s tenure, which aims to promote domestic employment growth in the United States. Long and expand the economic interests of the United States overseas.

The positions such as Deputy Treasury Secretary are considered one of the important positions in Biden’s formation team and need to be appointed through a Senate vote hearing.

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