Biden Picks Former Federal Reserve Chair Janet Yellen to Head Treasury Department
Yellen would be the first woman to hold the job, and the first person to hold the three most influential economic positions in government: chair of the Federal Reserve, head of the White House Council of Economic Advisers, and treasury secretary.
By Joseph Zeballos-Roig • Nov 24, 2020
This story originally appeared on Business Insider
President-elect Joe Biden has picked Janet Yellen to head the Treasury Department, The Wall Street Journal reported on Monday. If confirmed by the Senate, Yellen would be the first woman to be the treasury secretary.
Yellen would also be the first person to have led the Federal Reserve, the White House Council of Economic Advisers, and the Treasury Department.
Biden announced last week that he had chosen a treasury secretary, saying it would be "someone who will be accepted by all elements of the Democratic Party, from the progressive to the moderate coalitions."
The Biden transition team did not immediately respond to a request for comment.
Jen Psaki, a Biden representative, said on Twitter on Monday afternoon that Biden "looks forward to announcing some members of his economic team early next week who will work with him to build the economy back better."
Yellen chaired the Federal Reserve from 2014 to 2017, during President Barack Obama's second term. President Donald Trump replaced her with Jerome Powell. Trump's move broke with precedent, as the previous three Fed chairs had their terms renewed by presidents of the opposite party.
Yellen would face an immense set of challenges. Congress hasn't approved a new economic aid package, with both parties fiercely divided over its size and reach. Biden has recently pressed for an expansive Democratic relief plan, which Republicans have long dismissed. As treasury secretary, Yellen would be plunged into the fraught negotiations with a gridlocked Congress.
