The ambition of Biden’s spending package reveals the distance that US politics has travelled since the Great Recession, when Obama relied for economic guidance on a group of economic advisors drawn from the neoliberal world of Robert Rubin and Goldman Sachs, and of Wall Street more broadly—figures such as Timothy Geithner, Lawrence Summers, Peter Orszag, and Michael Froman. Elizabeth Warren had not then launched her political career, and Sanders was a lonely voice in the Senate. They were certainly not regarded as Democratic Party heavyweights. They now are. That Biden ultimately sided with the progressives during the 27 September week is a sure sign of their influence.

The progressives’ influence is equally apparent in Biden’s decision, in the days leading up to the expected vote on the bipartisan infrastructure bill, to nominate Saule Omarova to be Comptroller of the Currency. Omarova, a law professor at Cornell University, is a radical who wants to democratize and nationalize finance in America in ways never done before. In her legal writings, she has argued that the Federal Reserve ought to be turned into a people’s bank where Americans would keep their deposit accounts (rather than in private banks, as is currently the case). This newly configured Fed, in her vision, would also establish a “national investment authority” charged with directing Federal Reserve capital to projects that serve the public interest. Omarova may not receive confirmation from the Senate; even if she does, she may simply be a pawn in Biden’s campaign to get the mainstream Jerome Powell reappointed as Fed chairman. But by nominating Omarova, Biden has spurred a conversation already underway about how to restructure the Fed in ways that make it less of a cloistered institution serving elite interests and both more transparent and more responsive to the democratic will.