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Image posted, Reuters
Janet Yellen’s appointment needs Senate approval
The president-elect of the United States, Joe Biden, chose the former president of the Federal Reserve, Janet Yellen, to take over the Department of the Treasury in his possible administration.
If approved by the Senate, she would be the first woman to hold the position.
Yellen is among several women shortlisted for prominent financial positions on Biden’s team.
Biden’s transition team said the president-elect aims to break down racial barriers with these options.
Biden is committed to building an administration that reflects diversity and previously appointed an all-female public relations team.
His transition team said his elections for important economic positions would help “pull America out of the current economic recession and rebuild better.”
Biden also announced the formation of a committee responsible for inauguration procedures prior to the next inauguration on January 20. This committee will be in charge of organizing the activities related to the inauguration.
Biden’s nominations come as the state of Arizona officially sanctioned his victory in the state. Wisconsin is also expected to ratify the president-elect later Monday.
President Donald Trump is expected to file legal challenges to the vote in both states.
Who is Janet Yellen?
There was much speculation in the media about Yellen’s candidacy for the position before it was announced on Monday.
The 74-year-old economist served as president of the United States Central Bank and as chief economic adviser to former President Bill Clinton.
He is credited with helping manage the economic recovery process after the financial crisis that began in 2007 and the recession that followed.
During the presidency of the US Federal Reserve, Yellen was known to worry about the impact of banking policies on workers and the costs of growing inequality in America.
Trump broke Washington tradition when he decided not to appoint Yellen to a second four-year term at the Federal Reserve. Since the Bill Clinton administration in the 1990s, US presidents have kept the Fed chairmen appointed by their predecessors in an effort to keep the central bank out of politics.
Since leaving the central bank in 2018, Yellen has spoken out about climate change and the need for Washington to do more to protect the American economy from the impact of the Corona epidemic.
In a tweet following Monday’s announcement, Yellen said: “We are facing enormous challenges as a country right now. To recover, we must reclaim the American Dream, a society in which everyone can live up to their potential and dream more for their children”.
“As Secretary of the Treasury, I will work every day to rebuild this dream for everyone.”
Republican Senate Finance Committee Chairman Chuck Grassley said he expected Yellen to get a “favorable position” during his committee hearings.
