International.Perdananews.com – Joe Biden Picks Janet Yellen for Treasury Secretary. President-elect Joe Biden plans to nominate former Federal Reserve Chairwoman Janet Yellen, an economist at the forefront of policy-making for three decades, to become the next Treasury secretary, according to people familiar with the decision.
If confirmed by the Senate, Ms. Yellen would become the first woman to hold the job. Mr. Biden’s selection positions the 74-year-old labor economist to lead his administration’s efforts to further the recovery from the destruction caused by the coronavirus pandemic and shutdowns.
Janet Yellen checks all the boxes in President-elect Joe Biden’s quest to find a Treasury secretary who won’t spook Wall Street, alienate progressives or forget about Main Street’s plight.
Biden will choose Yellen, the former chair of the Federal Reserve, to become the first woman to lead Treasury, a source with knowledge of the pick confirmed to CNN Monday.
The significance of Biden’s Treasury pick is amplified by the enormous crisis and fragile economy he will inherit in January as the recovery weakens. The Treasury chief will be charged with leading America’s economy out of the pandemic as well as narrowing the staggering gap between rich and poor.
Yellen is no stranger to the limelight nor groundbreaking roles. As head of the Federal Reserve from 2014 to 2018, Yellen has already served a stint as arguably the world’s most powerful woman.
She stood out among the leading contenders as someone who would attract broad support and would be ready to hit the ground running in the middle of a crisis without much on-the-job training.
Added bonus: Yellen would likely be welcomed by investors because she’s a known quantity and the markets boomed during her tenure leading the Fed.