Leading the team was his pick for Treasury secretary, Janet Yellen, who said the economic crisis gives the USA the chance to tackle "deeper structural problems", like wage stagnation.
"The pandemic and economic fallout together have caused so much damage for so many and had disproportionate impact on the most vulnerable among us".
In a tweet, Bernstein, who was an economic adviser to U.S. President Barack Obama, expressed excitement over soon joining the council. We might have to ask Lin-Manuel Miranda, who wrote a musical about the first Treasury Secretary, Hamilton, to write another musical for the first woman Treasury Secretary, Yellen, said the President-elect Biden. "But above all, she believes what I believe - a budget should reflect our values", he said. She called it a "profound honor" to help shape those programs "to give everybody the fair chance my mom got".
Indian-American Neera Tanden is a brilliant policy mind with critical practical experience across governments, President-elect Joe Biden has said after he formally announced her nomination as the Director of Office of Management and Budget at the White House.
"It's time to invest in infrastructure, clean energy, climate change, manufacturing", he said. And we risk missing the obligation to address deeper structural problems.
Also named was Dean of the Princeton School of Public and International Affairs Cecilia Rouse as chair of the Council of Economic Advisors (CEA), the first African American in that post.
Bernstein and Boushey are well liked by progressives.
Biden called on Congress to pass a stimulus package quickly, but said anything done during the lame duck session of Congress would be just the "start".
"I'll take a look at it when I get back", he said.
Federal Reserve chairwoman Janet Yellen speaks at a press conference in Washington on December 13, 2017.
While Democrats will retain control of the House when the new Congress is inaugurated in January, control of the Senate, which must approve Biden's nominees, will be decided by two elections in Georgia set for that month.
In addition to Yellen, Biden named Neera Tanden, now president of the Center for American Progress, a liberal Washington public policy research and advocacy group, as director of the government's Office of Management and Budget.
Perhaps no other name on Biden's proposed economic team has created more blowback from Republicans than Neera Tanden.
On Sunday, Biden and Vice President-elect Kamala Harris named an all-female communications team, to be headed by campaign communications director Kate Bedingfield, and Jen Psaki as press secretary. She understands what a job means to people and their communities.
The choices show Biden turning to experienced Washington hands as he begins building his economic team, with an eye toward racial and gender diversity.
Tanden worked on the Obama administration's health-care policy efforts that culminated in the passage of the Affordable Care Act.
Adeyemo would bring worldwide economic experience to the Biden team, complementing Yellen's more domestic focus over the course of her academic and government career.
In related news, Biden announced the appointment of economist Jared Bernstein, also Jewish, on Monday as a member of the Council of Economic Advisers, which advises the president on economic issues.
Rouse also worked in the Obama administration as a member of the CEA and is now dean of Princeton University's School of Public and International Affairs.
The incoming administration also tapped Wally Adeyemo as deputy treasury secretary.