PoliticoJoe Biden to tap former Fed chief Janet Yellen as first woman to head US Treasury
- If confirmed, Yellen would lead the administration’s response to an extraordinary economic collapse sparked by the coronavirus pandemic
- US President-elect had said his pick would be someone ‘accepted by all elements of the Democratic Party’
This story is published in a content partnership with POLITICO. It was originally reported by Victoria Guida on politico.com on November 23, 2020.
US President-elect Joe Biden has picked former Federal Reserve Chair Janet Yellen to be his Treasury secretary, according to people familiar with the decision, in a historic move intended to satisfy competing factions within the Democratic Party.
Yellen, a widely respected labour economist, would blaze a new trail as the first woman to head the Treasury Department seven years after becoming the first to helm the Fed. If confirmed, she would wield immense clout in shaping policy on taxes, financial regulation and the economy, and have a pre-eminent role in the international arena.
“Congratulations to Janet Yellen,” said Sheila Bair, who led the Federal Deposit Insurance Corp. during the 2008 financial crisis. “After breaking the glass ceiling at the Fed, she will now become the first woman to lead the US Treasury Department. Outstanding, unifying choice by the President-elect.”
Yellen would lead the administration’s response to an extraordinary economic collapse sparked by a pandemic that forced businesses across the nation to close and left tens of millions of Americans unemployed and seeking relief.
The coronavirus has resurged in recent weeks, touching every corner of the country and threatening to cut off an economic recovery just as it was barely getting under way.