Biden Reportedly to Choose Janet Yellen as US Treasury Secretary

Biden Reportedly to Choose Janet Yellen as US Treasury Secretary

The speculation over whom Biden would choose to lead the Treasury Department had been particularly intense after he said he would choose a history-making appointee - leading many to speculate that he would choose either a Black or a female nominee to be the Treasury's 78th chair. Obama originally appointed Yellen to the Fed in 2014, where she remained until early 2018.

Yellen is seen as a consensus candidate, who is viewed as palatable within the progressive wing of the Democratic Party and is not expected to face strong opposition from Republicans in a Senate confirmation process. President Donald Trump's former National Economic Council director Gary Cohn extended his congratulations on Twitter. Positive preliminary PMI data released on Monday by Markit, along with news that President-elect Biden would likely nominate Janet Yellen as the next Treasury Secretary helped buoy the broader markets. Yellen would replace current Treasury Secretary Steven Mnuchin.

Although new to the Treasury, the Brooklyn-born Yellen would, in many ways, be on familiar ground.

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She also served as an economic advisor to former president Bill Clinton between 1997 and 1999, taught at the University of California, Berkeley and ran the San Francisco Federal Reserve Bank.

That will put her in the center of the ongoing economic storm in the United States, which has seen a record slowdown in annualized growth and tens of millions of layoffs as it grapples with the world's largest coronavirus outbreak.

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