Biden Reportedly to Choose Janet Yellen as US Treasury Secretary

24 Novembre, 2020, 14:26 | Auteur: Auguste Feret
  • Federal Reserve Chair Janet Yellen

Projected president-elect Joe Biden is set to nominate former Federal Reserve Chair Janet Yellen as his treasury secretary, the Wall Street Journal reported on Monday, citing sources familiar with the decision.

Biden had said that his pick to be Treasury secretary would attract broad support from different corners of the Democratic Party.

The speculation over whom Biden would choose to lead the Treasury Department had been particularly intense after he said he would choose a history-making appointee - leading many to speculate that he would choose either a Black or a female nominee to be the Treasury's 78th chair. "I believe it's essential".

She's close to the progressive economic elite, and Yellen has gone beyond Biden by calling for a carbon tax to fight climate change. During her four-year tenure at the Fed, Yellen supported the economic recovery through accommodative monetary policy and backing low interest rates. President Donald Trump opted not to renominate Yellen during his first year in office, instead nominating Jerome Powell to take the top job.

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"Fiscal policy has a very important role to play now", she said in an appearance this month. At the end of 2017, Yellen dismissed the notion that the Fed was looking into issuing a digital dollar. 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.

Yellen, after a long career in academia and different federal reserve roles, was nominated by President Barack Obama to become chair of the Federal Reserve - the first woman to hold the position - in a role she filled from 2014 to 2018. Yellen is a graduate of Brown and Yale universities, Yellen was also the first woman to serve as Fed chair.

Early in Trump's term, she didn't hesitate to warn of the risks tax cuts like the one he was proposing would have on the budget deficit.

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