WASHINGTON (BLOOMBERG) - US President-elect Joe Biden is considering Mr Roger Ferguson, a former Federal Reserve vice-chair, and Mr Brian Deese, an executive at BlackRock Inc, to be his top White House economic adviser, according to people familiar with the matter.
If selected, Mr Ferguson, now the chief executive of TIAA, would become the first African-American in the role of director of the National Economic Council, a prime position to guide the president on the direction of policy making.
Mr Deese, who was hired by BlackRock in 2017 to oversee its sustainable investment strategies, was a senior adviser to President Barack Obama on climate, conservation and energy.
Progressive groups might be critical of Mr Deese's selection because of the lack of racial diversity on Mr Biden's economic team, and his connection to Wall Street.
Both Mr Deese and Ms Janet Yellen, his choice for Treasury secretary, are White. But Mr Deese's supporters point to his championing of sustainability in the private sector.
Representative Jim Clyburn of South Carolina, the most senior Black lawmaker in Congress, criticised Mr Biden for failing to name African-Americans to top positions.
In an interview with Mr Juan Williams for his column in The Hill, Mr Clyburn, whose support of Mr Biden was crucial in his march to the nomination, indicated he was disappointed the president-elect had named "one Black woman so far" to a senior position - Ms Linda Thomas-Greenfield as United Nations ambassador.
"I want to see where the process leads to, what it produces," Mr Clyburn added. "But so far it's not good."
Some on the left are not keen on either Mr Deese or Mr Ferguson, who's on the board of Alphabet Inc, Google's parent.
"How to deal with big tech is one of the existential issues facing Biden's administration," said Mr Jeff Hauser, who runs the Revolving Door Project, an organisation in Washington dedicated to keeping corporate executives out of government.
"It's Larry Fink's world, and progressives are unfortunately still living in it," added Mr Hauser, referring to BlackRock's CEO. "I'm disappointed."
The Biden transition declined to comment on Wednesday night (Nov 25). The people who discussed his consideration for the post did so on condition of anonymity because no decision has been made.
The job is currently held in the Trump administration by Mr Larry Kudlow.
CNBC reported earlier that Mr Ferguson was under consideration. Politico reported Wednesday on Mr Biden being a candidate.
Mr Ferguson and Mr Deese would arrive with different types of expertise, coming from two divergent money managers.
TIAA has its roots in pensions for educators, with more than a century of history.
BlackRock, little more than three decades old, is a giant in asset management and a key force in the shift to low-fee, index-based investing.
Its size and web of business ties has drawn criticism from both the right and left in recent years.
While Mr Ferguson, 69, led the entire TIAA operation, Mr Deese zeroed in on sustainability at BlackRock - a topic that's gaining increasing momentum in its industry.
Mr Ferguson was vice-chairman of the Fed's Board of Governors from 1999 to 2006, the first Black person to hold that post.
After the Sept 11 terrorist attacks, then Fed Chairman Alan Greenspan was overseas and deputised Mr Ferguson to carry out what was essentially the central bank's war plan for market crises.
He has spent about 12 years as the chief executive of TIAA, arriving there from the reinsurance company Swiss Re AG, where he headed financial services. He steered TIAA through the 2008 financial crisis.
The organisation oversaw US$1.2 trillion (S$1.61 trillion) as of Sept 30, including the retirement savings of many Americans. That's up from about US$435 billion when Mr Ferguson was chosen to run it in 2008.
The organisation announced last week that he would retire in March.
Mr Ferguson, a native of the District of Columbia, is the son of a public school teacher and a US Army cartographer.
He has said that Mr Andrew Brimmer, the first Black governor of the Fed, inspired his career. Mr Brimmer was nominated by President Lyndon Johnson in 1966, when Mr Ferguson was a teenager.
Mr Deese worked on Mr Obama's 2008 campaign and joined his administration in 2009, according to a White House biography. He was part of the task force charged with restructuring the automobile industry and later became deputy director of the Office of Management and Budget.
Mr Biden is assembling his Cabinet even as President Donald Trump refuses to concede the Nov 3 election.
On Tuesday, the president-elect announced nominees for several national-security posts including secretary of state. Next week, he plans to introduce members of his economic team, likely including his choice of former Fed Chair Janet Yellen to serve as Treasury secretary.