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Original title: Former Fed Chairman Yellen may be nominated as Secretary of the Treasury and is expected to become the first female Secretary of the Treasury of the United States.
On December 13, 2017, Washington, USA, then Fed Chairman Yellen attended a press conference. Image source:Visual china
Reporter Cui Puyu
The Wall Street Journal quoted people familiar with the matter Monday as saying that US President-elect Joe Biden plans to nominate former Federal Reserve Chairman Janet Yellen as Secretary of the Treasury to lead the United States’ economic recovery. United after the impact of the new corona epidemic.
If the nomination is confirmed by the Senate, Yellen will become the first woman in the United States to hold this position, and she will also be the first person to have led the Department of the Treasury, the Federal Reserve and the House Committee of Economic Advisers. White
Considering that there are still millions of unemployed Americans and that job growth has gradually slowed after a brief rebound in the summer, Biden’s economic team is expected to face severe challenges. Economists at JPMorgan Chase said last week that they expect the US economy to contract slightly in the first quarter of 2021 due to the intensification of the epidemic’s spread.
Although the Obama administration also faced a grim economic situation before taking office in January 2009, the Democratic Party held a majority of seats in both houses of the Senate at the time, providing more political space for the Obama administration to take. measurements. This time around, the market generally predicts that the Republican Party will continue to control the Senate and that the Democratic Party’s lead in the House of Representatives will shrink.
Yellen recently stated that if Congress does not expand spending to tackle unemployment and help small businesses keep running, the economic recovery will be uneven and lackluster. “There are still a lot of people struggling in a difficult situation, and the economy needs spending,” Yellen said in an Aug. 28 interview.
From a political standpoint, Yellen is generally considered a “safe” candidate for this position and is more likely to win the support of Senate Republicans.
When she was nominated as president and vice president of the Federal Reserve in 2014 and 2010, she received the support of both parties and approved Senate confirmation. In the 2014 confirmation, he received the votes of 11 Republican congressmen, of whom three remain in office.
Yellen, 74, is a graduate of Brown University (BA in Economics) and Yale University (Ph.D. in Economics). He served as chairman of the White House Council of Economic Advisers for a period in the late 1990s. The then president of the United States was Bill Clinton.
From 2004 to 2010, Yellen served as president of the Federal Reserve Bank of San Francisco. During this period, the United States experienced the bursting of the housing bubble and the financial crisis of 2008.
From 2010 to 2014, Yellen served as a vice chairman of the Federal Reserve and, along with then-president Ben Bernanke, kept the benchmark interest rate near zero to support job growth.
In 2014, then-President Barack Obama nominated Yellen as chairman of the Federal Reserve. During his four years at the helm of the Federal Reserve, he tried to strike a balance between aggressive and moderate policymakers, keeping interest rates near zero until the end of 2015 and then slowly raising interest rates.
In her speeches, she has repeatedly focused on the potential costs of uneven economic growth and the potential benefits of government policies that increase female participation in the workforce.
After the end of the first term in 2018, President Trump considered nominating her as chairman of the Federal Reserve, but ultimately elected Powell, the then governor of the Federal Reserve. Yellen is currently an economist at the Rukins Institute.
Shortly after the news broke, Gary Cohn, former director of Trump’s National Economic Council, congratulated Yellen.
“Janet Yellen is an excellent fit for the Secretary of the Treasury. I worked with her when she was chair of the Federal Reserve and I have no doubt that she will be the strong force needed to promote economic development for all, especially in difficult times,” he wrote On twitter.
The United States Secretary of the Treasury is responsible for handling a number of matters including taxes, public debt management, and enforcement of international sanctions. The top priority before the new Secretary of the Treasury is undoubtedly leading the United States to achieve economic recovery. At the same time, the new Treasury secretary will also play a key role in raising Biden’s taxes, expanding spending and Sino-US relations and other important issues.
UBS Managing Director Alli McCartney (Alli McCartney) said in an interview with CNBC that Janet is a household name and has extensive experience, especially her experience at the Federal Reserve.
“The market believes this is a reliable option and I am not surprised by the market reaction, especially in the face of the challenges that lie ahead.”
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