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Biden Administration International Affairs Personnel Tracker
Wally Adeyemo
Deputy Secretary of Treasury
Adewale “Wally” Adeyemo is the U.S. Deputy Secretary of Treasury since March 25, 2021. Adeyemo was elected as the first president of the Obama Foundation on August 1, 2019. During the Obama administration, Adeyemo was the Deputy National Security Advisor for International Economics from 2015 to 2016 and Deputy Director of the National Economic Council. During his tenure, Adeyemo was the President’s representative to the G7 and G20 and chief negotiator for the Trans-Pacific Partnership’s provisions on macroeconomic policy.
On China
During his confirmation hearing before the Senate Finance Committee, Adeyemo said that “China is our top strategic competitor.” “Where China is not willing to play on a level playing field, it’s important that we hold them accountable in the international system.” Taking such action with other countries, Adeyemo added, would better “demonstrate to the Chinese that they’re isolated when they violate the rules.”
According to California Magazine, Adeyemo “will likely take the lead in implementing a new economic strategy with respect to China.” Earlier in January, Secretary of Treasury Janet Yellen, after acknowledging the importance of sanctions for cybersecurity and other threats, said that she will ask Adeyemo to “quickly” begin a review of current U.S. sanction policy if he is confirmed. Deputy Secretary Adeyemo started a review of U.S. economic and financial sanctions on April 1, 2021. According to an official statement by U.S. Treasury, Deputy Secretary Adeyemo noted the importance to ensure sanctions remain “a strong, viable option in years to come.” The statement also highlighted “the value of coordination with allies and partners” regarding the use of sanctions.
Given the ongoing U.S.-China tech rivalry, this task could make Adeyemo further involved in U.S.-China relations.
During an April, 2021 meeting with members of the Bank Policy Institute, Adeyemo addressed how the American Jobs Plan will position U.S. to outcompete China.
Adeyemo appears to strongly believe in the interconnectivity of the world economy. In a keynote address at an event in 2016, he acknowledged a positive correlation between Chinese economic growth and global–and therefore, American–economic growth.
Notable Speeches, Testimony & Commentary
- “U.S. Treasury No. 2 nominee Adeyemo urges get-tough attitude on China,” Reuters, February 23, 2021
- Center for Strategic and Intelligence Studies, Event, July 2016, “China and the G20: Wally Adeyemo Keynote Address and Discussion”
- “A growing Chinese economy is an economy where U.S. companies can sell goods and services,” he said. “And a growing Chinese economy is something that will help boost global growth.”
Media Commentary & Public Perceptions
- The New York Times, Biden Pick for Treasury’s No. 2, a Moderate Voice, Breaks Racial Barrier, December 1, 2020
- “Adeyemo described the importance of encouraging China to liberalize its markets by making the case that doing so was in its own economic interests — and in the interests of the United States.”
- The Africa Report, US/Nigeria: “Wally” Adeyemo, the golden boy on Joe Biden’s team, December 16, 2020
Page Last Updated: August 2, 2021
*None of the personnel in this tracker are associated with the Institute for China-America Studies. All images used on this page are sourced from the official Biden-Harris transition website buildbackbetter.gov or the public domain.*
