Vice-president-elect Kamala Harris said Friday that she has selected BlackRock’s global chief investment strategist Mike Pyle as her primary financial advisor. This makes him the third high-profile member of Larry Fink’s $ 7.8 trillion financial empire to take on a top job at the Biden White House.
In November, President-elect Joe Biden has BlackRock alums Brian Deese and Adewale « Wally » Adeyemo won over as head of the National Economic Council or as deputy treasury secretary.
Deese and Pyle, who do not require Senate approval, will be the first modern duo to go to jobs as the same Wall Street firm Top economic advisor to the President and Vice President of the United States to move.
Not even Goldman Sachs – known as « Government Sachs » for its list of C-suite executives who have moved into powerful DC roles – has done the feat .
Pyle is the oldest of the three BlackRock managers traveling to DC. Like Deese and Adeyemo, he was also a key advisor to the Obama White House, where he was instrumental in that administration’s health care reform and trade with China policy.
Pyle’s ties to the administration are illustrated by the Deepened fact that he was once a clerk for Biden’s Attorney General Merrick Garland.
His rise at BlackRock has been rapid and he is currently a top advisor to Fink in managing the assets of the world’s largest wealth manager. He has also taken on a publicly available role at BlackRock and recently appeared on CNBC to present the company’s bullish economic outlook. « We see 2021 as a really strong year for a fresh start in terms of economic activity, » he told the network. « But also important is a year in which the central banks will keep interest rates in a pretty tight range. »
For Fink, having so many former employees in prominent DC roles that they don’t could be a consolation prize elected Treasury Secretary of Biden – a job the 68-year-old billionaire and vocal Biden supporter reportedly had his eyes on during the election. « Larry plays this perfectly, » one investment banker told The Post. « The next four years will be all about the things BlackRock does, and he’s going to get his people to the tipping point of how Washington will respond. »
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