The New Goldman Sachs? BlackRock Sees Clout Growing as Biden Taps Two Execs to Top Economic Posts

For his incoming economic team, President-elect Joe Biden has picked several people associated with the investment giant BlackRock, which has been called “the fourth branch of government.”

This includes his choice of Brian Deese, a former adviser to Barack Obama, to be his director of the National Economic Council.

Deese was the global head of sustainable investing for BlackRock, which is the world’s largest asset manager, with over $7 trillion in its portfolio. This comes as progressives are demanding a Cabinet free of Wall Street influence.

“BlackRock has very smartly cultivated its reputation as a sort of 'good guy' on Wall Street” that is contradicted by their conduct, notes Kate Aronoff, staff writer at The New Republic. “Time after time, they have sought to shirk regulation and — in the last year especially, and while Brian Deese has been there — really greenwashed their image.”

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