Bank Of America CEO Could Be The Next Treasury Secretary: Report | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Bank of America CEO Brian Moynihan is on the shortlist to succeed Treasury Secretary Janet Yellen, according to a report from Fox Business.

    Multiple sources told the outlet the longtime investment banker joined Commerce Secretary Gina Raimondo and Securities and Exchange Commission Chair Gary Gensler on the list of potential candidates to take over the challenging role of managing the federal government's finances.

    Bank of America executive Lawrence DiRita, who manages the company's public affairs, declined comment but would not deny the speculation regarding Moynihan, according to Fox Business. A spokesman for the White House also declined comment, while White House Press Secretary Karine Jean-Pierre said on Friday that the report "seems to be pure speculation."

    Moynihan previously worked as chief executive of Merrill Lynch before the company was sold to Bank of America in 2008; he became the second-largest American financial institution's chief executive two years later. Fox Business notes that Moynihan has been attending state dinners and accepting media interviews in which he advances the optimistic economic outlook maintained by the White House.

    An earlier report from Axios found that Yellen and other officials could resign after the midterm elections. One concern that might have prevented Yellen's exit was finding a replacement that could be approved by the Senate; however, a lackluster Republican performance has guaranteed that the upper chamber will remain in Democratic hands. The report added that Brian Deese, the director of the National Economic Council, and Cecilia Rouse, the chair of the Council of Economic Advisers, could depart early next year.

    Yellen, who formerly led the Federal Reserve, has so far denied the rumor of her upcoming exit from the administration. "There is no truth to that," she recently told MSNBC anchor and Washington Post columnist Jonathan Capehart.

    The 76-year-old economist has been the subject of criticism over the past two years for downplaying the impact that record inflation would have on the economy. By the end of last year, Yellen began pivoting away from the term "transitory" as a reliable descriptor for rising price levels.

    "I am ready to retire the word transitory," she said. "I can agree that that hasn't been an apt description of what we are dealing with."

    Earlier this year, she told CNN host Wolf Blitzer that she was "wrong then about the path that inflation would take," acknowledging that "there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly."

    The White House has also been criticized for arguing that the economy never entered a recession, even though the rule-of-thumb definition, two conservative quarters of negative growth, was satisfied in the first half of this year. Administration officials have claimed that only an official determination from the National Bureau of Economic Research would mean the nation was in a prolonged contraction.

    In one set of particularly eyebrow-raising comments, Yellen asserted that the nation was not in a recession but rather a "period of transition in which growth is slowing."
Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




Speaker McCarthy? Not So Fast, Some Republicans Say Daily Wire, Guest Editorial, Editorials, Op-Ed & Politics Loudoun Superintendent, Spokesman Criminally Indicted Following Rape Coverup


HbAD0

Latest Op-Ed & Politics

Pope Francis lambasted leftist gender ideology during an address this week, warning that it presented an extreme danger to mankind.
amnesty would just encourage more illegal aliens to storm our borders
The Christmas candy was barely off the shelves when the Valentine’s candy appeared. Red and pink hearts with caramel and nut-filled chocolate goodness caught our eye. We are reminded of how we love love. Young love, especially.
far left sugar daddy has also funded anti-Israel groups and politicians in US
Be careful what you wish for, you may get it
America needs to wake up and get its priorities right
Former President Donald Trump suggested this week that if he becomes president again, he might allow Prince Harry to be deported.
It's a New Year, which means it's time to make resolutions — even for prominent evangelical leaders. The Babylon Bee asked the following well-known figures in the faith what they hope to accomplish in 2024:
Vice President Kamala Harris will visit a Minnesota Planned Parenthood clinic, reportedly the first time a president or vice president has visited an abortion facility.

HbAD1

An eight-mile stretch of the Blue Ridge Parkway near Asheville has been temporarily closed due to a string of “human and bear interactions,” the National Parks Service announced.
University of Wisconsin tried to punish conservatives for the fact that liberals regularly commit crimes to silence opposition
most voters think EU officials not doing a good job on illegal immigration
Come from behind by GOP candidate is a blueprint to 2024
Biden spending and energy policies to blame
Tuberculosis carried by illegal invaders has already infected Texas cattle
Sen. Ted Cruz (R-TX) said this week that the only campaign promise President Joe Biden has delivered on as president is the complete dismantling of the U.S. southern border.
Hamas is reeling after losing two of their most cherished leaders on the same day: military commander Saleh al-Arouri, and Harvard President Claudine Gay.

HbAD2

 
Back to Top