continues. host: we welcome wall street

journal's chief economic correspondent nick timiraos to talk about the announcement by joe biden introducing his economic team. are us what your thoughts on the people introduced by the president-elect. what does this tell us about the president-elect's economic philosophy? from: what we have seen president-elect joe biden's picks is that he is prioritizing experience. he wants a team that will hit the ground running. you have the first half-dozen people announced yesterday who have extensive backgrounds in the obama administration and the clinton administration. they are washington pros. there is an emphasis on the pandemic.

it is the biggest problem facing the economy. this is a downturn like no other. it will probably be a rebound like no other if there is a vaccine next year. he is trying to get a group of people where there wont be much of a learning curve. he wants to hit the ground running. ,ou see that with janet yellen you see that with her deputy, a adeyemo. adewale they have a lot of washington experience. host: let's start with janet yellen. you did a piece last week "policy is not janet yellen's forte it is what she is in for now." she was fed chair under president obama into president trump's term. now she is nominated to head treasury. what is in store for her? guest: she was at the fed for a

long time. for though she was the fed four years, she was the vice chair before that, she was the president of the san francisco reserve take -- reserve bank. she was on the board of the clinton administration and she was on his council of advisors. thoughre jobs where even there is a lot of negotiating that has to be done, think of the fed as an academic institution. they don't have to get involved in the rough and tumble of politics. they're not negotiating quite so openly on capitol hill. the treasury is different. the former treasury official said the treasure is going to move 10 times faster than the fed and the white house moves faster than the treasury. what she is in for now is more of a political role then she had at the fed. when people said janet yellen doesn't know how to do politics,

i'm not sure that is right. if you look at how she got the job, joe biden picked her because she was somebody who was seen as acceptable to the progressive wing of the democratic party and somebody who knows financial markets, wall street's, the moderates, and even a lot of republicans can be comfortable with her as treasury secretary even though they may not like all of her policy. host: what is her relationship with the current fed chair, jay powell, who i assume will continue on. guest: his term runs through january of 2022. he will be there at least for the's first year of joe biden's administration -- he will be there for at least the first year of joe biden's administration. then he will have to pick someone else. janetwell served on the federation, they had some

disagreements but he has continued to meet and speak by phone with her. he succeeded her as chair. i think it is safe to say these are people who can work quite well together. it will be interesting to see now that the outgoing administration has made changes to see what janet yellen does and how that relationship with chair powell unfolds. is a chieftimiraos correspondent for the wall street journal. we are talking about the economic team announced by the biden administration. we welcome your phone calls. republicans, 202-748-8001. democrats, 202-748-8000. all others, 202-748-8002. janet yellen set the tone for what the biden administration wants to do in terms of

responding to the pandemic. here is a little bit of what she had to say. [video clip] will produce a downturn with more devastation. we risk missing the obligation to address deeper structural problems. inequality, stagnant wages, especially for workers who lack a college education, communities that have seen industry disappear with no good jobs replacing lost once. , jobl disparities opportunities, housing, food ,ecurity, and small businesses denying wealth to people of color. gender disparities that keep women out of the workforce and keep our economy from running full force. it is a convergence of tragedies.

it is not only economically unsustainable, but one that betrays our commitment to giving every american an equal chance to get ahead. host: any indications from the biden team of any specifics of what they would like to do on the pandemic response? guest: you have the democratic party for some time saying they want more spending, they want a spending bill that addresses unemployment benefits, extends benefits for people who lost their jobs during the pandemic. they want to spend more money to make up for the revenue shortfall that cities and states have suffered, you're seeing public transit entities and municipal agencies cutting back spending. to reducedng to lead

services but also job losses. that will be an early focus of the administration. the question is what is going to be possible to get through congress and the runoff elections for torture next month -- for georgia month which will decide the majority. you begin to wonder what the administration might do through executive action and other moves. host: let's me ask you about another nominee. neera tanden is to run the office of management and budget, the white house budget rector in effect. telus -- budget director in effect. tell us about her. guest: she has been the head of a think tank in washington, the center for american progress. she was an advisor to hillary clinton when she was the first lady and when she ran for senate

and president twice. she has been very steeped in policy discussions. she was an architect of the affordable care act, the law that president obama passed. she has a pretty active residence on twitter. some republicans are upset over statements she has made. she is somebody who has been in washington working on these policies way long time. she has developed quite a record. host: your newspaper and other publications have talked about the trouble on capitol hill in terms of her nomination. this is the headline in the new at tanden."balking and kamalaoe biden harris knew the scenario ahead of time and yet chose to go with

her. how difficult to think the non-asian process will be for her? -- the nomination process will be for her? guest: if republicans decide to fight this and they have votes in the senate, it could be difficult for her. this takes some of the heat off of other [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [captions copyright national cable satellite corp. 2020] >> the house is about to gavel in. members will vote on a bill letting the u.s. mint make more coins to deal with the shortage of coins caused by the coronavirus pandemic. we'll take you live now to the house floor. . as amended. on which the yeas and nays are ordered. the clerk will report the title. the clerk: h.r. 7995, a bill to amend title 31, code, to save federal funds by authorizing changes to the composition of circulating coins and for other purposes. the speaker pro tempore: