KEY POINTS

  • Warren may make a case for the Treasury role if Biden wins the election
  • Her winning the Treasury secretary seat would raise alarm bells in Wall Street
  • Banking executives fear she may impose harsher regulations on the financial sector

Massachusetts Senator Elizabeth Warren has expressed interest in serving as Joe Biden's Treasury secretary should the Democratic challenger defeat President Donald Trump on Election Day, Politico reported. 

Three unnamed Democratic officials with connections to Warren's inner circle confirmed the news, and revealed her plans to make her case for the position if Biden wins next week.

"She wants it," two of those officials revealed.

The Treasury Department would play a crucial role in steering the U.S. economy out of recession amid the growing coronavirus pandemic. 

Other potential contenders for Treasury secretary include Federal Reserve Governor Lael Brainard, former Treasury Department official Sarah Bloom Raskin, and former Federal Reserve vice chairman and current TIAA CEO Roger W. Ferguson Jr. 

Progressives have been pushing hard to seat Warren as the next Treasury secretary. Larry Cohen, former president of the Communications Workers of America, the biggest communications and media labor union in the U.S., noted the large gap between the Massachusetts senator and other expected contenders, NBC News reported. 

"She, first of all, understands finance capital and second of all is prepared to wrangle with it. Some of the other candidates I've heard about are not prepared to wrangle with it," Cohen said. 

While many progressives would celebrate her appointment, a slew of finance executives and bankers on Wall Street wouldn't take very kindly to it. 

Warren is known for battling corruption and excess in the corporate world. Her populist presidential campaign addressed the growing wealth gap in the nation. Banking executives fear If the Massachusetts senator becomes Treasury secretary, she would impose stricter regulations on the financial sector, including aggressive new taxes on billionaires and annual investment gains taxes for wealthy households, The New York Times reported. 

Warren's Treasury role confirmation would likely lead to a fundamental transformation of the financial sector. According to her website, the Massachusetts senator aims to reestablish a wall between commercial and investment banking in hopes of making the U.S. financial system more stable.  

She also noted her plans to overhaul the private equity industry to prevent Wall Street executives to gain millions while putting Americans out of work. Warren may also impose new compensation rules to encourage productive investments. 

However, if Warren does not win the Treasury role under a potential Biden administration, she may eye a seat on the Senate Finance Committee, a source told Politico. 

News of Warren's interest to run for Treasury Secretary came after reports that Senator Bernie Sanders, who had previously sought to be the Democratic presidential nominee, may be seeking a spot in the potential Biden administration as labor secretary. 

The Democratic socialist has yet to confirm whether he is interested in the position, but people with knowledge of the situation said he is thinking about the best ways to land a role should Biden win on Nov. 3. 

Sanders is known for pressuring big companies, including Amazon and Walmart, to implement a minimum wage of $15 an hour. He has also campaigned for Medicare for All and tuition-free college education to reduce costs for American households, Fox News reported. 

Should Sanders and Warren get these appointment, it could mean good news for progressives who hope to put their stamp on a Biden administration, which has largely been considered moderate. 

Senator Elizabeth Warren challenged Joe Biden for the Democratic presidential nomination and is now under consideration as his running mate Senator Elizabeth Warren challenged Joe Biden for the Democratic presidential nomination and is now under consideration as his running mate Photo: GETTY IMAGES / Drew Angerer