JUST IN: Biden Expected to Pick Janet Yellen as Treasury Secretary

Report Joe Biden Taps Janet Yellen for Treasury Secretary				1		
			Melanie Maxwell  The Ann Arbor News via APHaris Alic23 Nov 2020

According to a Wall Street Journal exclusive published on November 23, the Biden team plans to nominate Janet Yellen to serve as Treasury Secretary.

Yellen enjoys a close working relationship with Jerome Powell, who succeeded her as Fed chair, something that would likely improve coordination between the Fed and the Treasury and perhaps result in additional support for the economy.

Mr Biden said he would officially announce his pick for Treasury secretary this week, and that the person he's selected "will be accepted by all elements of the Democratic Party ... progressive to the moderate coalitions". "She was the first women head of the Fed and will be the first woman Treasury Secretary".

Yellen made history in 2014 when she became the first woman to chair the Federal Reserve after serving for a decade as San Francisco Fed president and a Fed governor. She would also be a key adviser to Biden and a public spokesperson for his economic agenda.

The pick from Mr Biden could be in an effort to sway both Republicans and Democrats to work with his Treasury secretary as the administration faces a battle to reignite the economy amid job loss and small business closures.

The treasury post would add another new chapter to Yellen's broad and varied career in financial policymaking.

Conservative groups warned that Ms. Yellen has some drawbacks.

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

Times have, however, changed dramatically in just two years. "The economy needs the spending", Ms Yellen said on 28 September.

Yet some progressives have also criticized Yellen for the Fed's December 2015 decision to raise its benchmark rate from near zero, where it had been pegged since late 2008 in the midst of the financial crisis.

"Overall, her appointment would be seen as slightly dollar negative as more aggressive stimulus could cause treasury yields to rise".

After leaving the Fed, Yellen became a distinguished fellow in residence at the liberal Brookings Institution in Washington.

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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