By Ken Blackwell | December 17, 2020 | 10:20am EST
Chairman and CEO of BlackRock, Larry Fink (L) leaves after a meeting about climate action investments with heads of sovereign wealth funds and the French president at the Elysee Palace in Paris on July 10, 2019. (Photo credit: LUDOVIC MARIN/AFP via Getty Images)
Last week, President-Elect Joe Biden tapped two prominent individuals from the world’s largest money-management firm for key positions within the new administration’s economic team.
Brian Deese, a BlackRock managing director who is responsible for overseeing the sustainable investment strategy of the firm, has been named as the new head of the National Economic Council. Wally Adeyemo, who served as a senior advisor at BlackRock and was Chief of Staff to CEO Larry Fink, has been nominated for U.S. Deputy Secretary of the Treasury.
Last week, President-elect Joe Biden tapped two prominent individuals at the worldâs largest money management firm for key positions within the new administrationâs economic team. Brian Deese, a BlackRock managing director who is responsible for overseeing the sustainable investment strategy of the firm, has been named as the new head of the National Economic Council. Wally Adeyemo, who served as a senior advisor at BlackRock and was chief of staff to CEO Larry Fink, has been nominated for U.S. Deputy Secretary of the Treasury.
Staffing is policy, as the DC saying goes, and such corporate picks might be a disappointment to some elements of the Democratic Party. However, what is most troublesome is the involvement of these two nominees in BlackRockâs recent efforts to push sustainability and environmentally focused investment priorities over solid returns and a fiduciary obligation to their customers.