The White House is expected to officially announce the nominations of both Young and Coloretti later Wednesday, according to a source close to the matter.
If confirmed by the Senate, Coloretti would be one of the highest-ranking Asian-Americans in the administration. She served as the Deputy Secretary of Housing and Urban Development in the Obama administration and is of Filipino descent.
Many Asian-American leaders have expressed frustration at the lack of representation of Asian Americans and Pacific Islanders in Biden’s Cabinet and have pushed for Coloretti to win the top job at the body.
Young and Coloretti, both women of color, would run an extremely powerful part of the federal government if confirmed by the Senate. The OMB oversees all budget development and implementation and has significant influence over the President’s agenda.
The White House declined to comment.
Young has taken on the role of OMB’s powerful director since March after the White House withdrew Neera Tanden’s nomination for the role because she did not have enough support in the Senate. Young was given parental leave after giving birth last month. Tanden currently holds the position of White House staff secretary.
The lack of a permanent director at the agency has become all the more notable as Democrats want to use the budget adjustment process to get through the heart of Biden’s domestic agenda – a trillion-dollar package. potential to expand the nation’s social safety net.
If that law is passed by Congress, the OMB director will play a key role in implementing the economic agenda. The director will also act as a senior adviser to the President on the economy and will be primarily responsible for making Biden’s annual budget request.
Coloretti is currently the senior vice president of financial and business strategy at Urban Institute, a Washington, DC-based consulting organization that conducts economic and social policy research.
Prior to joining HUD during the Obama administration, Coloretti spent 5 years at the US Department of the Treasury and served as an assistant managing secretary. During her time at the Treasury, she helped found the Consumer Financial Protection Bureau and was its executive director.
Before joining the Obama administration, Coloretti spent several years as a policy advisor and budget director for = San Francisco Mayor Gavin Newsom.