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From: TT
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Photo: Charlie Neibergall / AP / TT
The Senate will mean a lot to Biden’s economic policy, according to SEB’s Robert Bergqvist. Stock Photography.
Joe Biden, the next president of the United States, is beginning to choose his closest associates, and the names are expected and surprising. But several positions are not yet filled.
– It is important that the new finance minister has the ability to find ways to move forward with congress, says SEB chief economist Robert Bergqvist.
The seasoned diplomat Antony Blinken is expected to become foreign minister, says Erik Åsard, emeritus professor of political science.
– Blinken was employed by Biden when he was a senator. It wasn’t such a surprising choice, Erik Åsard tells TT.
He claims that foreign policy is Biden’s main area of interest.
– He has specialized in that area, and that means he has great competition and knows the world leaders. Unlike Trump and Pompeo, Biden is a different internationalist. He doesn’t like this “America first” line, so there will be a big change there, as well as on the climate issue, he says.
“Harmonious relationship”
James McCormick, professor of political science at Iowa State University, is on the same path:
– Blinken is a conservative liberal who will try to get the United States to play a leading role in the international arena. It will try to be cooperative and work through international institutions. I think that’s the key to building the trust of allies that the United States may have lost during the Trump administration, he says.
Jake Sullivan is proposed for the top position of National Security Advisor.
The fact that Sullivan and Blinken have experience at the Foreign Office and control of power levels in the bureaucracy means they can get to work quickly, believes James McCormick.
– They have worked together before, so it should be a pretty harmonious relationship. The national security adviser has come to dominate foreign policy and decision-making, so it will be interesting how well these two work together, he says.
However, having a routine doesn’t just have to be good.
– One question that arises is whether they come up with new ideas in US foreign policy, given their involvement in the Obama administration, says McCormick.
And on climate issues, it will be former Secretary of State John Kerry who will be the president’s special envoy.
– It is interesting, but not so unexpected, that you receive such a special publication. He has worked with that issue in recent years, says Åsard.
Ignored the weather problem
At the same time, he emphasizes that not only Kerry but the entire government deals with climate problems.
– In recent years, there has been a policy in which the climate issue has been ignored. The United States abandoned the Paris Agreement, but Biden has said the country will unite again. So it will be a 180-degree turn for the United States, and there Kerry will play an important role, says Erik Åsard.
It is not yet clear who will take over at the Finance Ministry. Among the names mentioned in the speculation are Janet Yellen, Lael Brainard, and Sarah Bloom Raskin. All three have or have held senior positions at the Federal Reserve.
According to Robert Bergqvist, the role of finance minister in the United States is something of a “hidden position”, which is related to the fact that economic policy is very much shaped in dialogue with Congress.
– I think you can look up, because you don’t know what the Senate will be like. It will mean a lot to Biden’s economic policy and the leeway the new finance minister will have, he says.
Tough on fiscal policy
If Republicans retain a majority in the Senate, it will be much more difficult for Biden to stick with his fiscal policy and may even be “limited,” he adds.
– But both parties in the United States are aware that the country needs a fiscal stimulus.
People speculating for the finance minister job have strong financial backgrounds, especially from the central bank, says Bergqvist.
– It’s an interesting position that I think would fit the world we are in now. Whoever becomes finance minister must have a good understanding of monetary policy, he says.
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