Adeyemo

Wally Adeyemo

President-elect Joe Biden has named Obama Foundation President Adewale "Wally" Adeyemo, former President Barack Obama's chief international economic adviser, to be the deputy secretary of the treasury.

Adeyemo, whom the Sun-Times reports lives in Hyde Park, would be the No. 2 in the Treasury Department, after Secretary-designate Janet Yellen. Both need to be confirmed by the Senate.

“As we get to work to control the virus, this is the team that will deliver immediate economic relief for the American people during this economic crisis and help us build our economy back better than ever,” Biden said in a statement. “This team is comprised of respected and tested groundbreaking public servants who will help the communities hardest hit by COVID-19 and address the structural inequities in our economy.

“They will work tirelessly to ensure every American enjoys a fair return for their work and an equal chance to get ahead, and that our businesses can thrive and outcompete the rest of the world. This team looks like America and brings seriousness of purpose, the highest degree of competency, and unwavering belief in the promise of America. They will be ready on day one to get to work for all Americans.”

The foundation named Adeyemo its president in August 2019; he served under Board Chairman Martin Nesbitt and CEO David Simas and managed day-to-day operations.

Previously, Adeyemo was a senior advisor at investment management corporation BlackRock and at the Center for Strategic and International Studies think tank. During the Obama administration, he specifically served as the former president's deputy director of the National Economic Council and Deputy National Security Advisor for International Affairs.

Adeyemo additionally served as the first chief of staff at the Consumer Financial Protection Bureau. The Southern California native is a member of several other think tanks and nonprofits and holds degrees from the University of California, Berkeley, and Yale Law School.

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