Biden To Nominate Former Fed Chair Janet Yellen For Treasury Secretary

Biden To Nominate Former Fed Chair Janet Yellen For Treasury Secretary

If confirmed, this will not be Yellen's first time breaking the glass ceiling at the highest level of economic policymaking.

Ms Yellen would replace incumbent Steve Mnuchin and lead Democrat Joe Biden's administration in its task to fix America's pandemic-hit economy.

That would put her in the center of the ongoing economic storm in the U.S., which has seen a record slowdown in annualized growth and tens of millions of layoffs as it grapples with the world's largest COVID-19 outbreak. "I believe it's essential". Obama originally appointed Yellen to the Fed in 2014, where she remained until early 2018. Last week Mr Biden said he had decided on his Treasury Secretary, though declined to say who it was. She doesn't have an easy job ahead of her.

She's close to the progressive economic elite, and Yellen has gone beyond Biden by calling for a carbon tax to fight climate change.

President Trump insists he will never concede the election.

House Democrats under Speaker Nancy Pelosi and Republicans led by current Treasury Secretary Steven Mnuchin have been unable to agree on another spending package to help struggling Americans and businesses since March.

After taking office in 2017, Trump ousted Yellen from the Fed, making her one of the few chairs not to stay in office for a second term. A Yale Ph.D graduate, she has a history of economic policymaking that stretches back decades, including a stint as president of the San Francisco Fed from 2004 to 2010, chair of the Council of Economic Advisers under Bill Clinton from 1997 to 1999, and a Fed governorship from 1994 to 1997.

When she succeeded him four years later, Forbes magazine dubbed her the second-most-powerful woman in the world, behind German Chancellor Angela Merkel. Her Fed nomination was approved with bipartisan backing, and she is widely viewed now as a choice that is acceptable to lawmakers of both parties.

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