Analyst: Biden chooses cabinet with focus on diversity 0:59
(CNN) -
President-elect Joe Biden plans to formally name key members of his economic team on Monday.
Biden appointed Janet Yellen as Secretary of the Treasury.
Two other women are expected to be named to senior positions on a diverse team that will help him navigate the country's tough fiscal winds in hopes of building an economic recovery.
Janet Yellen will become the Treasury secretary, if confirmed, and Neera Tanden will become the director of the Office of Management and Budget, according to a statement from the transition.
Tanden, who is the current CEO and president of the left-leaning Center for American Progress, will be at the top of her administration.
Both charges must be confirmed by the Senate.
Biden also announced Wally Adeyemo as Under Secretary of the Treasury, Jared Bernstein and Heather Boushey as members of the Council of Economic Advisers.
Cecilia Rouse will be the president of the Council of Economic Advisers.
Rouse, a Princeton economist, will chair the Council of Economic Advisers.
The decision would put another black woman in a prominent role among Biden's top advisers.
Rouse served on the council during the Obama administration.
If confirmed, Adeyemo would be the first undersecretary of the black Treasury.
Yellen is the first woman to serve as Secretary of the Treasury.
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Adeyemo served on the Obama administration's National Economic Council and last year was appointed as the first president of the Obama Foundation.
The Wall Street Journal first reported on the elections in Biden's economic posts.
Biden Elects Yellen to Treasury Secretary, Announces Other Key Economic Team Members
Federal Reserve Board Chair Janet Yellen takes a seat on Capitol Hill in Washington on September 28, 2016, prior to the House Financial Services Commission hearing.
(AP Photo / Pablo Martinez Monsiváis)
Biden's economic team
The budget team is one of the most critical pieces of the new administration.
Your successes or failures will play an important role in determining the course of Biden's presidency.
Biden is also ready to name the head of the National Economic Council, the officials said.
Other positions he may be appointing soon include the United States Trade Representative, the Consumer Financial Protection Bureau and others.
It's unclear whether Biden will name his trade secretary candidate this week, officials said, and the schedule for other key economic positions could also be changed based on final decisions and last-minute adjustments.
Several people close to the transition tell CNN that this is a glimpse of the top contenders for other key roles on the economic team.
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Brian Deese, a former senior economic adviser in the Obama-Biden administration, is among the top contenders to head the National Economic Council, officials said.
He served as deputy director of the OMB and the NEC and is now a senior official at BlackRock, the world's largest asset manager.
Roger Ferguson Jr., who served as vice chairman of the Federal Reserve, is also seen as one of the top contenders for the National Economic Council, officials said, but could also be appointed to another senior economic position.
Katherine Tai is among the top contenders to serve as the United States Trade Representative, officials said.
This position is critical as the Biden administration moves beyond the trade policies of the Trump era.
Tai is the top Democratic business advisor on the Ways and Means Committee of the House of Representatives.
She oversaw the application of trade for China during the Obama administration.
He also played a key role in negotiating trade policy for the Democrats in the Mexico-United States-Canada Agreement.
Other candidates to complete the Biden economic team
The list of contenders for the various economic positions within the West Wing also includes Jared Bernstein, a longtime Biden economic adviser.
There would also be Gene Sperling, a veteran of the Clinton and Obama administrations, and Ben Harris, who also worked in the Obama administration.
Several other candidates have also risen to the top for high-profile economic jobs, the officials said.
Among them Heather Boushey, who has been one of Biden's top economic policy advisers during the campaign.
Finally Lisa Cook, a Michigan State economist who also worked in the Obama administration.
Austan Goolsbee, who served as chairman of the Council of Economic Advisers in the second term of the Obama administration.
He has also been mentioned for important positions in the Biden White House.
But Goolsbee ruled out that possibility Sunday, telling CNN's Manu Raju: "I don't plan on entering the administration."
EconomyJanet Yellen