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Entry 2020.11.24 06:34
After being nominated and officially approved by the Senate, former President Yellen becomes the first finance minister in US history. Additionally, WSJ will be the first to serve as US Secretary of the Treasury, President of the Central Bank (Chairman of the Fed) and chair of the White House Economic Advisory Committee, WSJ said. Yellen served as chairman of the White House Economic Advisory Committee in the Bill Clinton administration.
Born in Brooklyn, New York, former President Yellen is a renowned labor economist who graduated from Brown University and earned a Ph.D. in economics from Yale University. After serving as an assistant professor at Harvard University, a Fed economist and a lecturer in Political Science and Technology at the University of London, he worked as a professor at the University of California, Berkeley. He entered public service as chairman of the President’s Economic Advisory Committee in 1997 during the Clinton administration.
After serving as Governor of the Federal Reserve Bank of San Francisco from 2004 to 2010, he served as Vice Chairman of the Fed and was nominated by former President Barack Obama as Chairman of the Fed in 2014. He is considered to have led US monetary policy after the global financial crisis, maintained a low interest rate stance and helped improve the labor market.
CNBC reported that he raised the base rate only five times during his four years in office, and only at the end of his tenure did he begin to reduce the $ 4 trillion in assets the Fed had bought due to quantitative easing during the financial crisis.
Former President Yellen, who ended his term in 2018, expected to be reelected, but President Donald Trump had to retire as President Jerome Powell as President. After retirement, former President Yellen, who worked at the Brookings Institution, is reportedly advising on economic policy to Biden’s Democratic Party presidential candidates and Vice President Kamala Harris. It was reported that he attended a private economic briefing hosted by Biden Camp in August.
The appointment of former President Yellen as finance minister has been assessed as a politically safe option for elected Biden, as the recovery of the Senate majority party by the Democratic Party is uncertain.
Biden’s liberal criticisms of Wall Street capitalists, including Sen. Elizabeth Warren, were also considered candidates for finance ministers, but she appears to have found it difficult to get approval from Republican senators during the approval process.
On the other hand, when the Fed chairman was ratified in 2014, former President Yellen, who won the support of 11 Republican senators, is expected to receive bipartisan support even in the approval of the Finance Minister given the desperate situation of the crisis of the crown.
Additionally, former President Yellen is said to have made an active voice in responding to climate change, insisted on introducing a carbon emissions tax, and won the favor of progressive camps in the Democratic Party.
