Read more about Joe Biden’s White House team delights his supporters on Wall Street on Business Standard. The Biden team is poised to include alumni of finance, venture capital, private equity and asset management
has spent years wondering how closely the next Democrat to occupy the White House would listen to the industry. As President-elect builds his administration, the reaction across the financial landscape is relief. Biden’s supporters in the business, Democrats as well as some Republicans, are satisfied and in some cases jubilant as he starts filling his White House and other posts, even though he hasn’t given key perches to billionaires or financial titans such as JPMorgan Chase & Co.’s Jamie Dimon or BlackRock Inc. co-founder Larry Fink. The Biden team is poised to include alumni of finance, venture capital, private equity and asset management. And Janet Yellen, who would be the first woman to run the Treasury, is seen as a consensus pick. That’s enough to placate the finance industry, according to interviews with executives and billionaires. “Everybody I’ve talked to, including people on Wall Street, seem very delighted with the selections,” said Bruce Heyman, a former partner at Goldman Sachs Group Inc. “Nobody has said to me that this is really disappointing. In fact, it’s the opposite. They’ve just said, ‘This is great.’” Heyman, who was President Barack Obama’s ambassador to Canada and bundled donations for Biden, said he was less concerned with an official’s ties than competence and experience. “The have told you how they feel. The are excited.” Biden’s chief of staff will be Ron Klain, who helped lead the Obama administration through economic and public-health crises.
