Although President Donald Trump continues to vigorously contest the election results, for all intents and purposes, Joe Biden was the victor in the election. Going into year-end, there are several potential economic issues that need to be addressed including the fate of a second stimulus package, the expiration of all sorts of programs from the CARES Act, passing the government budget, and a looming debt ceiling.

Prior to the election, it seemed likely that Democrats would win the Senate which would give them the mandate to pass large and aggressive infrastructure, energy, and stimulus bills. However, this seems much less likely as the fate of the Senate is coming down to Georgia. The election will be resolved in January, but meanwhile, investors are closely paying attention to Joe Biden's economic team which gives insight into his thinking and the administration's policies.

Janet Yellen

The most noteworthy is his selection of former Federal Open Market Committee (FOMC) Chair Janet Yellen as Treasury Secretary. Yellen also was a former Chair of the Council of Economic Advisors. It's quite an accomplishment that she has held three of the top posts that an economist can hold.

Yellen's selection was met favorably by investors as she leans dovish. Her tenure at the FOMC also means she's likely to be a market-friendly pick and work well with current FOMC Chair Jay Powell who was her deputy when she led the Federal Reserve. The selection did rankle some leftist liberals who criticize her for raising rates during her tenure which quickly had to be unwound in 2018.

Neera Tanden

Biden picked Neera Tanden as the director of the Office of Management and Budget. Tanden has led the progressive think tank, Center for American Progress. She was also rumored to be Hillary Clinton's pick of Chief of Staff if she had won in 2016.

Her pick angered conservatives and liberals as she's battled with Sanders supporters and conservatives during the primaries and election. In fact, some Republican senators already came out and said they didn't want a floor vote on her confirmation. Out of all of Biden's nominees, Tanden is the least likely to be confirmed, since she's been the subject of controversy and has detractors on both sides of the aisle.

Cecilia Rouse

Rouse is Biden's choice to be Chair of the Council of Economic Advisors (CEA). She was a member of the CEA during President Obama's tenure from 2009 to 2013 and has served in a variety of other roles as well. Currently, she is a labor economist at Princeton University.

Rouse is known for her research on inequality, equitable growth, policies to support broad-based economic growth, and how to support working families. She's been an advocate for universal preschool and expanded childcare to support working mothers. Both are policies that poll well among the public and pursued by a Biden administration.