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If the Senate accepts Biden’s recommendation, Janet Yellen will become America’s Prime Minister of Finance.
Janet Yellen was the first governor of a central bank in the United States. Now you can become the country’s Prime Minister of Finance.
CHRISTOPHER ALUKA BERRY / X03252
Published:,
Joe Biden plans to nominate former Federal Reserve Chief Janet Yellen (74) as Finance Minister.
The Wall Street Journal reports Monday night.
CNN and ABC also confirm the newspaper’s information and refer to their own sources.
The Reuters news agency writes that Biden’s supporters believe he will nominate Yellen. The New York Times also reports that Yellen will likely be the country’s new finance minister.
If the Senate accepts the recommendation, she will become America’s prime minister of finance.
The future finance minister will have a tough job ahead of him with the responsibility of pulling America’s economy out of the crown crisis.
He kept the key interest rate at a record low as governor of the central bank
Yellen was the first female head of the United States Federal Reserve (Fed) in the period from 2014 to 2018.
When Yellen took over as Fed chief after Ben Bernanke in February 2014, his predecessor had kept the key interest rate at a record low of 0.25 percent since the 2008 financial crisis. With Yellen, the Fed It started raising the key interest rate again and when Yellen resigned four years later, after Trump failed to renew his term, the interest rate was in the range of 1.25 percent to 1.5 percent.
Since then, the Fed’s key policy rate has risen to the range of 2.25% to 2.50%, before Yelle’s successor, Jerome Powell, implemented the first rate cut in the summer of 2019. of interest in the US
After the corona pandemic occurred, the Fed has cut interest rates by 0.0% to 0.25% and is thus back where Yellen started when she became governor of the central bank. almost seven years ago.
“Safe Choice” with Probably Wide Support
The former central bank governor is widely viewed as a “safe” choice for finance ministers, likely to win Republican support in the Senate, according to CNBC.
This is partly due to the fact that Yellen is perceived by many as a person who can enter into inter-party compromises, which is very important in the fragile economic situation the United States currently finds itself in, according to CNBC.
During Yellen’s tenure as governor of the central bank, the job market improved, interest rates were historically low, and equity markets rose to record highs.
This also makes it likely that investors will welcome Yellen as finance minister, writes CNN.
– Janet (Yellen journaln.anm.) She is a great name with a lot of solid experience, especially from her time as head of the central bank, writes Alli McCartney, CEO of Swiss bank UBS to CNBC.
Following the news, key indices rose on Wall Street and the Dow Jones closed 1.12 percent higher. The S&P 500 was up 0.56 percent.
– I’m not surprised that the markets are reacting positively. Given the challenges ahead – like getting people back to work, preventing further spread of the coronavirus and a new recession – this is a reassuring choice for the finance minister, McCartney told CNBC.
So far, Janet Yellen has declined to comment on the case.
