Biden Tapping Wall Streeters for Economic Team: Reports

Princeton Dean and economist Cecilia Rouse will be selected to head the Council of Economic Advisers.

Biden also plans to tap two economic advisers from his presidential campaign, Jared Bernstein and Heather Boushey, to be members of the CEA.

"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," the president elect added.

The Wall Street Journal reported on Nov. 23 that Biden planned to nominate former Federal Reserve Board Chairwoman Janet Yellen as Treasury Secretary, a move that could help make her the first female Treasury Secretary.

See: What to Expect from the SEC Under Biden