Report: Biden Plans to Nominate Janet Yellen for Treasury Secretary

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Posted: Nov 23, 2020 3:30 PM
Report: Biden Plans to Nominate Janet Yellen for Treasury Secretary

Source: AP Photo/Carolyn Kaster, File

Joe Biden has reportedly selected economist Janet Yellen as his pick for Treasury Secretary, per a report from the Wall Street Journal on Monday. Yellen would be the first woman to ever head the department, if confirmed. 

From WSJ:

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 drive the recovery from the destruction caused by the coronavirus pandemic.

Ms. Yellen, who was the first woman to lead the Fed, would become the first person to have headed the Treasury, the central bank and the White House Council of Economic Advisers.

The 74-year-old labor economist was confirmed by a bipartisan majority in 2014 to be chairwoman of the Federal Reserve, after serving as vice chairwoman in 2010. The Treasury Secretary is fifth in line to the presidency. If confirmed, Yellen would be overseeing economic recovery and working with lawmakers to pass additional COVID stimulus packages. She would have to clear what is likely to be a Republican majority in the Senate.