Published 11:47 IST, November 24th 2020
Janet Yellen expected to become first female treasury secretary under Biden administration
US President-elect Joe Biden is expected to name former Federal Reserve Chair Janet Yellen to lead the treasury department, according to Associated Press.
US President-elect Joe Biden is expected to name former Federal Reserve Chair Janet Yellen to lead the treasury department, according to Associated Press. If confirmed, Yellen would be the first woman to hold the position in US history. The 74-year-old economist is widely admired in the financial world and she previously has served as head of America’s central bank and as a top economics adviser to former President Bill Clinton.
Biden chose Yellen to guide his efforts to steer the pandemic-hit economy out of the crisis. She has been credited with helping steer the economic recovery after the 2007 financial crisis and ensuing recession. Once confirmed by the Senate, the treasury post would add another new chapter to Yellen’s broad and varied career in financial policy-making.
According to BBC, during her time as the Federal Reserve, Yellen was known for focusing more attention on the impact of the bank’s policies on workers and the costs of America’s rising inequality. She has also spoken about climate change and the need for Washington to do more to shield the US economy from the impact of the coronavirus pandemic. The 74-year-old also became an advisor to Biden’s presidential campaign in an unusual departure for a former Fed leader that thrust her into the political arena.
As the treasury secretary, Yellen would represent the Biden administration in global financial affairs and lead a sprawling department whose responsibilities range from the government’s finances and tax collections to global currency markets, bank regulation and the printing money. Further, she would also be a key adviser to the 46th president-elect and a public spokesperson for his economic agenda. Amid the pandemic, she is expected to face a shaky economy, weakened by recession and surging viral epidemic that is intensifying pressure on businesses and individuals.
First members of Biden’s Cabinet
Meanwhile, on Monday Biden began building out his Cabinet with historic picks for the Department of Homeland Security and his point person on intelligence matters. The president-elect has chosen Alejandro Mayorkas to become the first immigrant and first Latino to lead the Department of Homeland Security, which oversees immigration policy and border security among its vast portfolio. He also chose Antony Blinken as secretary of states, Jake Sullivan as national security adviser and John Kerry as special presidential envoy for the climate.
Updated 11:46 IST, November 24th 2020