As Politico reported in late October: “Elizabeth Warren desires to be Joe Biden’s Treasury secretary and can make her case for it if he wins subsequent week, in accordance to three Democratic officers who’ve spoken together with her inside circle. ‘She desires it,’ two of them stated matter-of-factly.”
On Monday, it grew to become clear: Warren wouldn’t be Biden’s decide to be Treasury secretary. As a substitute, former Federal Reserve Chair Janet Yellen will get the nod.
The reality of the matter is that Warren was by no means going to be Biden’s decide for Treasury secretary — for 4 huge causes.
1) Warren within the Cupboard would enable Massachusetts Republican Gov. Charlie Baker to appoint a short lived substitute for her within the Senate. Whereas the seat would finally be crammed in a particular election, Democrats are nonetheless haunted by what occurred following the dying of the late Sen. Ted Kennedy in 2009. The 2010 particular election to exchange Kennedy was received, stunningly, by Republican Scott Brown. Brown misplaced in 2012 to Warren. Whereas Massachusetts is a comfortably Democratic state, Biden was by no means going to enable a Democratic seat to go Republican — even for a number of months — given the slim partisan divide within the Senate.
2) Warren’s imaginative and prescient for large structural change would not match Biden’s pragmatic method. Biden and Warren have radically completely different political DNA. Biden is an institutionalist who believes in deal-making with the opposite aspect. Warren is an ideologue who has advocated, all through her life out and in of politics, for large-scale change of huge establishments. When Warren and Biden have been operating towards each other within the Democratic main, she bashed him for “repeating Republican speaking factors and by dusting off the factors of view of the enormous insurance coverage firms and the enormous drug firms,” for his opposition to a “Medicare for All” well being care plan. He fought again by dismissing her views as “an elitism that working- and middle-class individuals don’t share: ‘We all know greatest; you recognize nothing.'”
3) Warren would have spooked Wall Road. Whereas Warren backers consider the worry she instilled within the coronary heart of Wall Road executives was her greatest energy for the Treasury job, Biden and his staff did not see issues that means. Over the summer season, former Massachusetts Rep. Barney Frank, who had been a previous advocate for Warren in different jobs, instructed MeSlop Enterprise that it might be a “mistake” for Biden to put her at Treasury. “The monetary establishments are very destructive about her, unfairly within the diploma they’re,” Frank stated. “When you have somebody who’s that a lot opposed by the individuals being regulated, it would not work easily.” The Biden staff has little curiosity in scaring Wall Road at this second — when coronavirus has decimated the American financial system and the highway to restoration appears lengthy and tough.
4) Warren won’t get confirmed by the Senate. Republicans presently management the Senate majority in the mean time — pending two runoffs in Georgia. Except Democrats sweep each of these races, Biden’s Cupboard picks will want a minimum of one or two Republican votes to be confirmed. It is by no means clear that Warren, because the Treasury nominee, would have been in a position to persuade even a single Republican to affirm her. And it is doable she won’t have been in a position to depend upon unanimous help from Democrats both; West Virginia Sen. Joe Manchin has been essential of her liberal worldview previously.
The push by progressives for Biden to contemplate Warren for Treasury then was all the time a pipe dream. Nobody in Bidenworld shot it down as a result of, effectively, what was the purpose aside from to make liberals mad?
However for those who suppose Warren was ever underneath critical consideration for the job Yellen received, then you do not know Joe.