President-elect Joe Biden announced his economic team and confirmed that he will nominate former Federal Reserve Chair Janet Yellen as his treasury secretary. Biden will appoint three other women to important roles as part of his campaign promise to have a diverse administration.

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• If confirmed, Yellen would become the first woman to serve as treasury secretary. Yellen tweeted that she will work "to restore the American dream."
• Biden announced he will appoint Neera Tanden CEO of the Center for American Progress think tank as director of the White House Office of Management and Budget.
• Both Republicans and Progressives have expressed their opposition to the selection of Tanden. Progressives have criticized Tanden's record of supporting social security cuts and her opposition to Medicare-for-all. Tanden has often criticized GOP senators, including Mitch McConnell and Susan Collins, which has angered the Republicans.
• Biden has chosen Princeton economist Cecilia Rouse to chair the Council of Economic Advisers. If confirmed, she will be the first woman of color to lead the council. Adewale Adeyemo, who is the president of the Obama Foundation, has been chosen to serve as the deputy treasury secretary.
• Biden's cabinet will be tasked with helping the U.S. economy recover from the COVID-19 pandemic. Biden has said fighting the pandemic will be the top priority of his administration.

The Trump administration sanctioned a Chinese government-owned defense company that it alleges has been supporting Venezuelan President Nicolás Maduro. The treasury department said the China National Electronics Import and Export Corporation (CEIEC) has helped Maduro limit internet service, conduct digital surveillance, and carry out cyber operations against political opponents. 

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• The Trump administration considers the Maduro government to be illegitimate and has recognized exiled leader Juan Guaído as the legitimate head of Venezuela. The U.S. considers the Maduro government a security threat due to its relationships with China, Russia, and Iran.
• The sanctions come ahead of a Dec. 6 parliamentary election in Venezuela, which the Trump administration accuses of being fradulent.
• Treasury Secretary Steven Mnuchin said CEIEC has helped the Venezuelan government create a commercialized version of China’s Great Firewall. The Chinese government uses the Great Firewall to censor and control the flow of information that comes in from outside the country.
• As part of the sanctions, U.S.-based companies and individuals have 45 days to end any operations with CEIEC or its 200 subsidiaries.
• While the Trump administration has had a difficult relationship with the Venezuelan government, Nicolás Maduro expressed his desire to resume dialogue with the U.S. once Joe Biden takes office.

Federal Communications Commission Chairman Ajit Pai announced today that he will step down from his post on Jan. 20, the day President-elect Joe Biden is inaugurated as President. Pai has been FCC chairman since 2017. 

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• Pai was known for his controversial repealing of the Obama-era net neutrality protections. He also oversaw the Sprint and T-Mobile merger. 
• Pai’s term was scheduled to end in June 2021. His early departure means Joe Biden will be able to choose a Democrat to chair the commission when in office. 
• Pai said in a statement: “It has been the honor of a lifetime to serve at the Federal Communications Commission, including as Chairman of the FCC over the past four years. To be the first Asian-American to chair the FCC has been a particular privilege." 

Black Friday 2020 saw online shopping increase 22% YoY while in-store shopping fell 52.1% YoY. It is expected that online sales today, Cyber Monday, will set a record for the U.S. 

E-Commerce:

• Adobe is estimating spending on Cyber Monday to be $10.8B to $12.7B. 
• Consumers spent ~$9B online on Black Friday. Data shows that $6.3M was spent per minute on Friday in the U.S. 
• The average American spent $27.50 online on Black Friday.
• Spending on Black Friday increased most noticeably for personal care products (up 556% YoY), groceries (up 397% YoY), and pet products (up 254% YoY). 

Retail:

• Sensormatic Solutions estimated a decrease in overall in-person retail store shopping of 22-25%.
• Traffic on Thanksgiving itself was down 94.9%, primarily due to some retailers, including Walmart, deciding to remain closed.
• Curbside pickup was up 52% YoY.

A version of this story first appeared in Inside Business. You can read the full issue here. 

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• During this holiday season, find out how SimpliSafe is protecting over 3 million homes with less markup and more security.*
• Arizona certified its election results and confirmed Joe Biden as the winner. Biden became the first Democrat to win the state since Bill Clinton in 1996.
• Both the European Union and the U.K. warned they are running out of time to reach a Brexit trade deal. Britain will officially leave the EU on Dec 31.
• The 2020 Atlantic hurricane season has ended with a record 30 storms, surpassing the previous high of 28 back in 2005.
• Facebook announced it has acquired customer relationship management start-up Kustomer. The social media giant will pay more than $1B to acquire the company.
• Revtown’s changing the denim game by applying the best parts of workout clothes—comfort, flexibility & durability—to jeans.*

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