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Biden To Nominate Former Fed Chair Janet Yellen For Treasury Secretary

24 Novembre, 2020, 02:27 | Auteur: Auguste Feret
  • The Capitol Dome is visible in the window behind former Fed Chair Janet Yellen as she appears for an interview with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau Wednesday Aug. 14 2019 in Washington. (AP

She is credited with helping steer the economic recovery after the 2007 financial crisis and ensuing recession.

Prior to her tenure as the Federal Reserve chair, Yellen served as the institution's vice-chair and the chair of former President Bill Clinton's economic advisory council.

For her part, Yellen seems to have been quiet on crypto since leaving the Fed and going to work for a think tank.

Yellen is well-known on Capitol Hill after years of testifying as Fed chair to Senate committees about the economy and interest rate policy. I'm not sure why they see her as such a progressive. On the contrary, under Bernanke and Yellen - and later, under Powell - the Fed's more hard challenge was raising inflation merely to the Fed's annual 2% target level. It has yet to do so consistently. "It's someone who will be accepted by all elements of the Democratic Party, from the progressive to the moderate coalitions".

Biden Reportedly to Choose Janet Yellen as US Treasury Secretary

Yellen has the support of many progressive groups, said Jeff Hauser, executive director of the Revolving Door Project, a left-leaning organization.

Ms Yellen would replace incumbent Steve Mnuchin and lead Democrat Joe Biden's administration in its task to fix America's pandemic-hit economy. She made numerous visits to employment training centers to spotlight the need for training programs to equip people for good jobs. Obama originally appointed Yellen to the Fed in 2014, where she remained until early 2018.

Times have, however, changed dramatically in just two years. She raised rates higher than they needed to be and stumbled along at the Fed. That rate hike, which caused a sharp increase in the value of the dollar, contributed to a slowdown in US economic growth in 2016 and is now seen by many economists as having been premature.

As chairwoman of the US Federal Reserve, Ms Yellen was known for focusing more attention on the impact of its policies on workers and the costs of America's rising inequality. They have one son, Robert, who is an economics professor.

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