Biden to nominate ex-Fed chair Janet Yellen to Treasury

Biden to nominate ex-Fed chair Janet Yellen to Treasury

Yellen would also be the first person to have led the Federal Reserve, the White House Council of Economic Advisers, and the Treasury Department.

The outgoing administration could make rectifying this situation more hard for Yellen: Treasury Secretary Steven Mnuchin provoked rare criticism from central bank officials when he announced last week that funding for emergency Fed programs to stabilize small- and medium-size businesses would be cut off at the end of the year, a move Biden allies charged was calculated to hamstring the president-elect's ability to counteract the economic devastation of the pandemic without protracted congressional wrangling.

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Jen Psaki, a Biden representative, said on Twitter on Monday afternoon that Biden "looks forward to announcing some members of his economic team early next week who will work with him to build the economy back better". Many economists have said these factors could derail the already shaky recovery.

Now Bloomberg reports that Brainard has been asked to stay at the Federal Reserve and that progressives are pushing for Yellen to take over the Treasury.

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Before leading the Fed, Yellen was its vice chair for four years and previously was president of the Federal Reserve Bank of San Francisco for six years. On the contrary, under Bernanke and Yellen - and later, under Powell - the Fed's more hard challenge became raising inflation merely to the Fed's annual 2% target level. Trump's move broke with precedent, as the previous three Fed chairs had their terms renewed by presidents of the opposite party. "She is smart, tough, and principled", Sen. Powell and the current treasury secretary, Steven Mnuchin, last week publicly disagreed over Mnuchin's decision to cancel several Fed emergency lending programs at the end of this month. Elizabeth Warren of MA said on Twitter.

A path-breaking figure in the male-dominated economics field, Yellen, 74, was also the first woman to serve as Fed chair, from 2014 to 2018.

For her part, Ms. Warren celebrated the news of the Yellen pick, calling her an "outstanding choice".

Times have, however, changed dramatically in just two years.

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