Safe thasgiving, it was far from the traditionalgathering with family and friends. I hope you had a good thanksgiving. We know times are tough but i wanted to know help is on the way. Last week i announced the nominations of staff for a critical Foreign Policy positions. The first rate team thats going to keep us safe and secure and today i have the pleasure of announcing key nominatis appointed to the critical economic positions that will lead this nation. A first rate team thats going to get us through this ongoing onomic crisis and helps build an economy not just better than it was before. A team thats tested and expeenced that includes groundbrking americans that come from different backgrounds and share my core vision of econic relief here in the United States of america. To give them a fair shot and equal ance, theres nothing beyond the capacity of the American People. Lets not forget who built this country, workingclass and middleclass people built this country and unions built the middle class. And from the most unequal economic csis and economic history we can builda new American Economy that works for all americans, not just some, all. We need to act now though and we need to work together. You know, in the weeks since nning the election Vice President hais and i have covered meetin with a numberf people. We convened meetings with lar leaders and ceos at the same time. Mayors and governors of both political parties. Theres a consensus out there that as we battle the covid19 disease we have to make sure that business and workers have the tls, resources and guidance and the health and Safety Standards to be able to operate safely. The goal is simple, to keep businesses and schools opening safely. But for millions of americans who lost their jobs and to claim unemployme, we have to deliver them immediate relief. That includes affordable healthcare, millions of people have lost it and are in danger of losing it. Childcare, sick lee, family leave so workers dont have to choose between work and family. Relief from rent and student loans. We neeto support Small Businesses and entrepreneurs who form the backbone of the communities that we live in that are teetering on the edge. So theres urgent need to fund states and cities so they can stay on those jobs. I could have gotten this lesson from the future secretary of treasury and theres a reason why all localities have to have a balanced budget that are allowed to run deficit in order toeal with crises and emergencies that as theyhave in the past and we have to keep Vital Public Services running. We have to give aid to local and state governments to make sure they can have Law Enforcement officers and educators as we begin the recovery act of 2009 but right now before congress should come together and pass a robust package for relief to address these urgent needs. A package passed in a lameduck session likely to be at best just a srt. My Transition Team is already working on and ill put forward in the next congress to address the multiple crisis we are facing especially for economic and covid crisis and theeam im announcing today will play Critical Role in shaping our plan for action stting on day one. And move fast to revive this economy. Its going to help the country layo might build back better plan, a plan that an independent analysis from moody a wellrespectedwall street firm predicted would create 18. 6 million jobs. s based on a simple proposition reward hard work in america. Not wealth. Its time to invest in infrastructure, clean energy, climate chan, manufacturing and somuch more to create millions of good paying jobs and its time we aress the structural inequities our economy as this pandemic h laid bare. Thomas called this location. Like the two lines coming off the k, some people are seeing their prospects should slow up while othersare watching their economic prospects drped sharply. For those at the top, jobs have come back and wealth is rising. Once luxury home sales are up over 40 percent compared to last year you but for those in the middle of the bottom, its a downward slide. Were figuringut how to pay the bills and put food on the table. Almost one in every six prinrs was hind in rent paymentsas ooctober. Luckily clear, when this team and others, will add in the weeks ahead that were going to create revery for erybody, for all. Were going to get this economy moving again. Were gointo create jobs, createncome, reduce junk prices and equity across the economy. Were going to restore the backbone of this country and middleclass. Everybody struggling like and i would say this, is on the way. My dad say this before when he loshis job in scranton when i was a kid. And eventually moved the faly not far from here to delaware, on the outskirts of wilminon. Used to say joey, the job is about a lot more than a paycheck. Its about your dignity. Its about respect and your placin the community. Its about being able to say honey, its going to beokay and mean it. He would also say joey, i dont expect the government to solve my problems but i do expect them tounderstand my prlems. His team understands. The secretary of the treasury and i am really plead to be able to dominateanet yellen that no one is bter prepared to deal with these crises and i wish it werent as much of a crisis she would be the first treasury secretary who is also chair of the federal reserve. By share of the federal reservand chair of the president s council on economic advisers is one of the most important economic figures of our time she spent her career focus on employment and the dignity of work and its important to me and all of us. She understandwhat it means to people and their communities whenthey have good decent jobs. Respect across being looked at by their neighbors and being respectmatters a lot. And respted across party lines and around theorld by main street and wallstreet. An educar, a mentor, the daughter of a workingclass brooklyn neighborhood who never forg where shecame from. Her husband george is pret good to. He won the nobel prize. Buthes the one that merida. [laughter] janet will be the first woman to hold this office. You might have to ask lynn manwell miranda who wrote the musical about the first secretary of the treasury hamilton to write another musical about the first secretary of the treasury area thats what im working on right now. For director of office of management and budget i nominate gary kenyon. Ive known her a long time, shes a brilliant policy mind across government. She was raised by a single mom on food stamps and from india who struggled and worked hard and did everything she could or her daughter to live out the american dream. And they did just that. She understands the struggle that millions of americans face. This will be the first woman of color from south asia, and i think that we also have another one in the United States of america and so look, ill be very serious. She should be in charge of laying out a budget to help us control the virus. The economic crisis and build back better. Build a wall she believes what ibelieve. If you flex our values. Again, quoting my dad people would say joe, let me tell you that and hes a high school educated guy, very well read. Its a dont tell me your values, show me your budget. Thats what youre going to do for me. Deputy secretary of the treasury i nominate adewale wally adeyemo. You know wally, i tell you what. Senator warren really likes you. She highly recommended you but i wasnt sure shed score you as well thank youfor being willing to do this. I take her advice on issues ranging from Consumer Protection and National Security to national affairs. I worked with wally during the Great Recession and that was my excuse senator. And i saw him one day job after another. As havinof National Security presidenobama, former chief of staff Elizabeth Warren where he helped create a Consumer Protection bureau for Financial Bureau which has done so much good. Itsesigned consumers from abusive financial practices. Wally will be the firs africanamerican ever to hold this pt in the highestranking africanamerican in the easury department and an immigrant from nigeria, the son of a school principal, wally understands everything we do is basically for the people, for the families and hardworking people. To understand the struggles and most of all their dreams, he understands both and i want to thank you wally for being willing to do this. For chairperson on the council of economic advisers i nominate, she was a distinguishedprofessor at princeton. My children who used to always kid about it but cecilia, shes one of the most distinguished economists in the country. An expert on labor economics, race and poverty andeducation , even public and international affairs. A member of the council of economic advisers to president obama and president clinton at the economic council, more than that shes a proud daughter whose mom, School Psychologist helped her pursue economics and her dad, one of the countrys first African American astrophysicists who dared her to dream. Shes done both. If confirmed she will be the first, excuse me, the fourth woman to leave the council on economic advisers and the first africanamerican ever to hold that post. And as cea chair she will serve as a member of my cabinet as well. As a member of the council of economic advisers we will also appoint jared bernstein, an old friendwhos been with me a long time and a brilliant thinker , heart as big as his head and heart he got from his mom, and educator who raised him correctly. A social worker turned economist, jared one of my closest economic advisers and friend served as my chief economist during the vice presidency. He was there in that foxhole during the Great Recession and he he brought the economy and our country back. I wouldnt think of anyone else who id want to be on my side to face the challenges ahead. Jared will be one of the leading voices in my head and menstruation on economic policy. I can count on him to deliver straight from the shoulder. E thing i can assure you is rking people always have a voice d jared and his counsel. As a member of e cocil of economic advisers i apint heather boushey. Thank you for all the help youve had in the Transition Team. Hes one of the foremost economists working to make sure we build an economy that works foall. The daughter of a union family, its no wonder she believes so deeply in the idea that leave no one out. Leave no one behind. During the campaign i relied on the council on addressing structuralnequities. And ill do so again as president because thats one of the central issues of our time. To this team, thank you for accepting the call to serve again. Your families and to your, i thank them for your sacrifices because its a real sacrifice. We cannot do this without you and to the American People, this team will always be there for you and your families. This is a familyriented team. Weve got to make sure ordinary people a chance to do well because they never were given a chance and will never ever let the country down. 11 years ago president obama and i participated in the Great Recession and influence in our recovery act disabled from the great depression. I didnt see a map of america at the time nor did he in terms of bluestates and red states. We only saw the United States of america. We worked with everyone, for everyone and on our recovery to rebuild together as one nation. President harris and i theyre already on day one. The United States senate, i hope these outstanding nominees will receive profiteering and we will be able to work across the aisle in good faith to move forward as one country area so lets begin the work to heal. To rebuild an economy for all america. They deserve and expect nothing less. Thank you, may god bless you. And may god protect our troops. I now turn this over to the new chief starting with our next territory of the treasury. Janet yellin and again, thanks foraccepting me. I think theyre going to clean the saw. Thank you mister president elect and madame Vice President. Its my great honor to have this opportunity to serve you and the American People. To join this incredible Economic Team at this moment of great challenge for our country. Mister president elect, when you reflect on what your fathers taught you about how we shall the job is more than a paycheck, i think of my own father who raised our family in workingclass brooklyn. When he graduated from medical school during the greatdepression , the looked for all in a place to hang his shingles with in the brooklyn docks. Back then terminal on the upper new york state with was a driving hub for manufacturing and transportation. And for the Union Workers who were dependent on them. Knowing no one kept cause, my father hold near a bus stop. He started his Family Practice in the basement where we lived on the floors above. At the end of the day, he would talk to me, my brother and my mom about whats work meant to his patients. Our friends and neighbors, especially if they lost a job , had financial problems, family problems, the health problems, the loss of dignity and selfworth. The value of work always stuck with me. So much so that i became an economist because i was concerned about the toll of unemployment on people, families and communities. And i spent my career trying to make sure people from work can achieve the dignity and selfworth that comes with it. Mister president elect, i know you feel the same. I felt that understanding during the last Great Recession and the recovery. And now were facing historic crises again. The pandemic and economic fallout that together have caused so much damage to so many that have had disproportionate impact on the most vulnerable among us. Lost lives, lost jobs, Small Businesses struggling to stay alive orclose for good. So many people struggling to put food on the table and pay bills and rent. Its an american tragedy. And its essential we move with urgency. Inaction will produce a self reinforcing downturn causing yet more attestation. We risk and obligation to address infrastructural problems. In inequality, staffing stagnant wages especially for workers who lack college education. Communities have seen industry disappear with no good jobs replacing lost ones. Racial disparities, job opportunities, Food Security and Small Business lending have denied communities of color. Gender disparities to keep women out of work and keep our economy from running at full force. Its a convergence of tragedy that is not only economically unsustainable but one that betrayed a commitment to giving every american an equal chance to get ahead. But i know this team will never give up that commitment. As you said before mister president elect, out of our collective pain as a nation we will find elective purpose to control the pandemic and build our economy back better than before. To rebuild our infrastructure and create better jobs. To invest in our workforce, to advance Racial Equity and equity and make sure the economic recovery includes everyone. To address climate crisis, with American Ingenuity and american jobs. Working together with the outstanding National Security or foreignpolicy team, we would announce last week to help restore americas global leadership. And above all, we share your belief in the american dream. Its a society where each person with effort can rise to their potential and dream even bigger fortheir children. I pledge this as treasury secretary to work every day towards rebuilding dream for all americans. And to the great Public Service of the Treasury Department i look forward to working with you and wally to rebuild thepublic trust. If the American People, we will be an institution that wakes up every morning thinking about you. Your jobs, your paychecks , your struggles. Your hopes, your dignity , and your limitless potential. Thank you. Mister president elect, madame Vice President elect, im humbled and honored the trust you placed in me to work with this talented team on behalf of the American People. And especially proud to work alongside leaders who understand that numbers are not obstructions, they are a function of ourvalue. They touch our lives in profound ways and sometimes they make all the difference. Like the Vice President elect mother, my mother mile was born in india. Like so many millions suppressed every generation she came to america to pursue a better life. I was raised in a suburb of boston, middleclass kid. But when i was five, my parents got divorced and my mom was left on her own with two young children. Without a job. She faced a choice, returned to india for a time, and the opportunities for her and her children would belimited. Or fighting for her american dream. She stayed. America came through for her when times were tough. We relied on food stamps to eat. We relied on section 8 housing vouchers to pay the rent. We relied on a safetynet to get back on her feet. This country day for a fair shot. To reach the middle class and she made it work. She got a job as a travel agent and before long, she was able to buy us our own home in massachusetts and eventually, she see her children off tocollege and beyond. I am here today thanks to my mother grit but also, thanks to the country that had faith in us that invested in