FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington.
Yellen, who is widely admired in the financial world, would be the first woman to lead the Treasury Department in a line stretching back to Alexander Hamilton in 1789. Her nomination was confirmed to The Associated Press by a person who spoke on condition of anonymity to discuss Biden’s plans. The treasury post would add another new chapter to Yellen’s broad and varied career in financial policymaking. As secretary, she would represent the administration in global financial affairs and lead a sprawling department whose responsibilities range from the government’s finances and tax collections to global currency markets, bank regulation and the printing of money. She would also be a key adviser to Biden and a public spokesperson for his economic agenda.
Yellen is well-known on Capitol Hill after years of testifying as Fed chair to Senate committees about the economy and interest rate policy. During those years, she frequently clashed with Republican lawmakers who accused her of keeping rates too low for too long after the 2008 financial crisis. Some of them charged that Yellen and her predecessor Ben Bernanke had elevated the risk of runaway inflation and asset bubbles that could destabilize financial markets.
Yellen has the support of many progressive groups, said Jeff Hauser, executive director of the Revolving Door Project, a left-leaning organization. Yellen is a labor economist and an expert on unemployment, an issue that could pose a challenge for the Biden administration, with unemployment at a still-high 6.9% as the economy struggles to recover from the pandemic recession.
When she stepped down from the Fed in early 2018, Shawn Sebastian, co-director of the Fed-Up coalition, a collection of progressive groups, called Yellen’s departure “a loss for working people across the country.” He hailed her efforts to take on “economic inequality, racial disparities in the economy, the role of women in the workplace and the need for more diversity at the Fed.”
Fakenews
Not true.....or Rosario Marín was transexual?
Can’t wait for austerity to be shoved down our throats as “pro worker”
Not a single decent pick in the bunch. What a shitshow. And what is with their INSISTENCE on giving Rahm a seat?
elcitizen DondeEstanLos16 niños deportados por TrinidadandTobago
CarrascoTV Nominate away, he'll never step foot in the WH as president
Just a bad pick here, she did nothing at Fed except keep interest rates low and use the Fed to pump up the stock market, using the repo market to do mini bail outs, and spewing cash into a zombie economy with no plan on how to stop pumping cash into it.
That’s a huge F-U to trump
Godspeed to Janet Yellen. She has a big mess to clean up.
After four years of piss poor hirings and firings, having intelligent individuals is a welcome relief. All I'm asking is for is a better economic playbook than any previous administration.
Welp, there goes the stock market....
President Donald Trump tapped Jerome Powell to replace Janet Yeller? Ask yourself why?
planetmoney I know who this so thanks to all of your hard work!!
The 74-year-old Yellen was also the first woman to serve as Fed chair, from 2014 to 2018. She's an expert on unemployment and a path-breaking figure in the male-dominated economics field.
Love this dove.
Most qualified ever!
Y desde la carcel se puede dar este nombramiento? Le pregunto AP, y fue reelecto por ustedes?
We got no economist under 50? Not fucking 1?
“Becomes the first non Goldman Sachs Executive to hold the position” in what feels like 70 years.
She’s great!
False information. Election is in dispute. Fake news
Good Lord. Why must we keep recycling these personalities whose response to anything is to print oodles of money? Is there nobody else in this great nation capable of fresh ideas?
petromatrix A female elitist. So progressive of the dems....
I wish we just saw her as capable rather than being the first... is she capable, yes. Move on!
He is not president elect..he is just a politician
All the people you need to reward for their help in taking down the best President ever.
Is she the best qualified for is he hiring specifically due to a persons sex or race?
She seems like a fine candidate and educated intelligent also.
Cool
Republican Billionaires to Trump after hearing this
Damn... Pocahontas sinks the progressive cause and gets nothing in return. WTF... I'm Ridin' with Biden now!
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