Biden Ponders Former Insurance Chief to Head Economic Council

U.S. President-elect Joe Biden's economic team is falling into place. Biden is considering TIAA CEO Roger Ferguson to be his National Economic Council director and former Commodity Futures Trading Commission chairman Gary Gensler as Deputy Treasury secretary, according to people familiar with the matter.

Ferguson was being considered for Treasury secretary and Gensler is currently a team leader of Biden’s transition agency review team. Gensler is leading a team reviewing the Federal Reserve and the Commodity Futures Trading Commission, among others. Biden is set to select former Federal Reserve Chair Janet Yellen as Treasury secretary.

Ferguson recently announced he intends to retire from TIAA in March. He has experience as vice chairman of the Board of Governors of the Federal Reserve.

Another name being floated for a top economic policy post is Kenneth Chenault, the former CEO of American Express, the sources added. They declined to be named as these deliberations have been made in private.

Biden’s advisors recently said they will be announcing additions to their economic team early next week.