Biden considers Roger Ferguson to lead NEC, Gary Gensler as Deputy Treasury Secretary

President-elect Joe Biden is considering TIAA CEO Roger Ferguson as deputy treasury secretary to Gary Fenson, director of its National Economic Council and former Commodity Futures Trading Commission president, according to people familiar with the matter.

Ferguson was being considered for Treasury Secretary and Gensler is currently the leader of Biden’s transition agency review team. Gensler is leading a team reviewing the Federal Reserve and the Commodity Futures Trading Commission. Biden is set to elect former Federal Reserve Chair Janet Yellen as Treasury Secretary.

Ferguson recently announced that he intends to retire from TIAA in March. He has experience as a vice chairman of the Board of Governors of the Federal Reserve.

Another name floating around for another economic policy post is Kenneth Chenault, former CEO of American Express, s said. These names were rejected because these discussions were done privately.

Biden’s advisers recently said they would make additional announcements for their economic team early next week.

A spokesperson for the Biden transition team did not return a request for comment.

Both Ferguson and Chenelt have clear ties to Wall Street, as well as Silicon Valley.

Chenalt joined the AirBnB board in 2018, and said he would leave Facebook’s board in March. Ferguson is on the board of the alphabet.

Chenault currently heads General Capital, a venture capital firm.

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