Joe Biden is expected to nominate Janet Yellen, former Fed chair, as the next Treasury secretary.
The Wall Street Journal reported that President-elect Joe Biden plans to nominate former Federal Reserve Chairwoman Janet Yellen, an economist at the forefront of policy-making for three decades, to become the next Treasury secretary, according to people familiar with the decision.
The decision would turn Ms. Yellen into the first woman to hold the job. The WSJ adds that Biden’s selection positions the 74-year-old labor economist to lead his administration’s efforts to further the recovery from the destruction caused by the coronavirus pandemic and shutdowns.
Quick scroll through Yellen’s LinkedIn, per Morning Brew
Education: Undergraduate economics degree from Brown and a PhD in economics from Yale.
Work highlights: In the 1970s, she first joined the Fed’s Board of Governors as an economist. She led the Council of Economic Advisers under President Clinton in the late ’90s, and served as Fed chair from 2014–2018.
Skills: Experienced, organized, and well-respected among the global financial elite. Biden said his Treasury secretary pick would please those across the Democratic party, and Yellen is it.
What does a Treasury secretary even do?
Think of this role as the CFO of the United States. Yellen will advise the president on a broad range of economic issues, from public debt to international sanctions.
Of course, Yellen’s first couple months will be preoccupied with one objective: putting this coronavirus-induced recession in the rearview. Throughout the pandemic, Yellen has called for more spending from Congress to alleviate the suffering of Americans.
What else will be on her agenda?
- Managing the U.S.’ economic relationship with China
- Helping Biden craft tax proposals
- The future of Freddie Mac and Fannie Mae
Zoom out: As Biden’s Cabinet comes into view, it’s clear he’s favoring seasoned vets over hot-shot rookies. Yesterday, we also learned he’s tapping longtime foreign-policy adviser Antony Blinken as secretary of state and former Secretary of State John Kerry as special presidential envoy for climate.
