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After being officially nominated and approved by the Senate, former President Yellen becomes the first finance minister in US history.
Not only was she the first woman to be appointed Chairperson of the Federal Reserve, the ‘Economic Chairperson’, she was also the first to serve as Chairperson of the White House Economic Advisory Committee, Chairperson of the Central Bank (Chairman of the Fed) and Minister of Finance.
Janet Yellen, Former President of the Federal Reserve System▶ Click here to enlarge
Former President Yellen became Fed Chairman in 2014 during the days of President Barack Obama, and served as Chairman of the White House Economic Advisory Committee in the Bill Clinton administration.
Former President Yellen, who was famous as a labor economist, took office in 1997 as chairman of the Presidential Economic Advisory Committee.
After graduating from Brown University, he earned a Ph.
In this presidential election, the Brookings Institution advised Biden Camp on economic policy.
When President Yellen took the wheel of monetary policy, it was the time when the global financial crisis had been somewhat resolved and “quantitative easing” was needed.
It was the first to raise interest rates in nearly 10 years in 2015, fulfilling the mission of changing the direction of policy.
Subsequently, while raising the interest rate 5 times, it was evaluated that the impact on the market was minimized by communicating with the market and gradually promoting it.
However, he also registered as the first Fed chairman in 40 years because he was unable to receive re-election from President Donald Trump.
This salute is said to be a politically safe option for Biden-elect.
Biden chose a well-known figure that most Democrats like and trust, respected by many Republicans and acceptable to Wall Street, Politico reported.
Former President Yellen is expected to receive bipartisan support in the desperate situation of the new coronavirus infection crisis (Corona 19).
The progressive camp within the Democratic Party is reported to have also gained favor by making an active voice in responding to climate change, such as insisting on the introduction of a tax on carbon emissions.
It was criticized as a safe option even when the Fed chairman was approved.
On the other hand, it appears that it is difficult to get approval from Republican senators in the approval process of Senator Elizabeth Warren and others, who are critical of Wall Street.
The United States Secretary of the Treasury is compared to a first-class sailor who manages the public debt, applies economic sanctions abroad and oversees the payment of taxes, leading the economy to the forefront.
Former President Yellen is expected to take on tough tasks like solving the huge unemployment crisis caused by the Corona 19 crisis, negotiating additional economic stimulus packages, and narrowing the gap between rich and poor.
He understands the Fed, a partner in the Treasury Department, and is seen as a good fit for the current economic crisis in the sense that it values employment.
“Former President Yellen has brought the issue of income inequality and inclusion to the Fed,” said CNBC, director of MUFG Union Bank economist Chris Rupkey.
Former President Yellen’s husband is a professor at the University of California at Berkeley, George Acalof, who won the 2001 Nobel Prize in economics as the founder of the theory of information asymmetry.
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