Tuesday, 24 Nov 2020 07:59 AM MYT
The 74-year-old, whose nomination was confirmed to AFP by a financial source close to the Biden administration, would be tasked with steering the world's largest economy as it struggles with mass layoffs and a sharp growth slowdown caused by the Covid-19 pandemic. Yellen broke barriers when former president Barack Obama nominated her to serve as Fed chair in 2014, a position President Donald Trump ousted her from four years later.She would succeed Steven Mnuchin, and likely be faced with breaking a months-long deadlock in Congress over passing a new stimulus spending bill for the US economy ― assuming lawmakers don't act before Biden's inauguration in January.
But those provisions expired over the summer, leading to 32,000 furloughs among major airlines alone and raising fears of a renewed economic slump. “After four years of political appointments, we have appointments of professionals, not only political professionals but also professionals in their professions,” he said.
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