Janet Yellen is the incoming Biden administration’s pick to be Treasury secretary, according to a new report.
President-elect Joe Biden plans to nominate Yellen, the former chair of the Federal Reserve, to head the Treasury, a key post amid a time of economic turmoil, The Wall Street Journal reports.
If confirmed by the Senate, Yellen would become the first woman in U.S. history to hold the Treasury post, an already key position that is likely to take on outsized importance as Biden and his incoming administration attempt to push through another coronavirus relief bill and take other measures to revive the economy.
Biden on Thursday (Nov. 19) indicated that he had settled on a choice for Treasury, but declined to say who it was, though he gave a big hint. Biden described his pick as “someone who I think is, will be accepted by all elements of the Democratic Party, from the progressive to the moderate coalitions,” Bloomberg reported.
Yellen’s emergence as Biden’s likely choice comes as Fed Governor Lael Brainard, once considered a front-runner for the position, fades from view. Once considered a favorite, Brainard has not been contacted by Biden’s team since the election, the news service reported, citing sources.
However, Brainard’s stock has fallen amid concerns raised by some liberal organizations. The Federal Reserve board member was seen as defending what some perceived as a too-accommodating approach to China by the Obama administration, while also not being outspoken on climate change policies, per the news source.
Both Yellen and Brainard declined to comment, according to Bloomberg.
Yellen’s resume and list of accomplishments is long and distinguished.
Described by The New York Times as a “renowned labor economist,” Yellen taught at the University of California, Berkeley.
Yellen also headed the White House Council of Economic Advisers under the Clinton administration and has served in a variety of positions on the Fed, in addition to chairing it until 2018, when she was replaced by President Donald Trump.