According to latest reports, the Biden transition team has confirmed that Biden has decided to nominate Janet Yellen to serve as the treasury secretary. The Biden transition team is currently in the process of appointing important members of the government. Preparations are being made before Donald Trump officially vacates the office.
Biden chooses to nominate Janet Yellen as treasury secretary
Janet Yellen would be the first woman to hold the position of Treasury Secretary, in case her appointment is successful. A member of senate judiciary counsel tweeted, “Janet Yellen, Biden’s pick for Treasury, was denied a second term heading the Federal Reserve because Trump deemed her too short.”
Janet Yelen maintains excellent credentials, she is an American economist at the Brookings Institution. She also happens to be a professor emeritus at the prestigious University of California, Berkeley, Haas School of Business. She has taught economics as a professor from the period of 1985 to 2006, giving her an experience of almost twenty years.
Yellen was also a Federal Reserve Board Governor from the period of 1994 to 1997, she also held this position for the second time from 2010 to 2018. Her remarkable profile earned her the 18th Chair of the White House Council of Economic Advisers under President Bill Clinton from the period of 1997 to 1999. She also happened to be the President of the Federal Reserve Bank in San Francisco from the time period of 2004 to 2010.
Who is Janet Yellen?
During 2014, Yellen was nominated by President Barack Obama to replace Ben Bernanke for the position of the chair of the United States Federal Reserve. She served an extremely successful one four-year term as Federal Reserve Chair from the period of 2014 to 2018. However, she was not reappointed by President Donald Trump during his tenure.
The host of MSNBC reported, “BREAKING: Biden confirms Janet Yellin to be named Treasury Secretary, making her the only woman to have held the post. She also becomes the only HUMAN to chair the President’s Council of Economic Advisors, the Fed & to be Treasury Secretary.”
Since February 2019, Yellen has repeatedly expressed criticism regarding Donald Trump’s economic policies. When inquired if Donald Trump maintained, “a grasp of economic policy,” Yellen answered, “No, I do not.”In another interview, she voiced her doubts regarding the fact that Trump could articulate the Federal Reserve’s goals of “maximum employment and price stability”.
Christine Lagarde tweeted, “Congratulations to my friend Janet Yellen on her nomination as US Treasury Secretary. Her intelligence, tenacity and calm approach make Janet a trailblazer for women everywhere. I look forward to tackling yet again the global economic challenges we are facing, together.” It is likely that Biden’s decision of nominating Janet Yellin as the treasury secretary will reap benefit for the country’s economic conditions. Her expertise will be able to benefit the state in countless ways.