Economy & Business

Biden to Nominate Janet Yellen for Treasury Secretary

Former Federal Reserve Chairman Janet Yellen speaks during a panel in Atlanta, Ga., January 4, 2019. (Christopher Aluka Berry/Reuters)

President-elect Joe Biden is set to tap former Federal Reserve Chairwoman Janet Yellen for Treasury secretary in his administration, the Wall Street Journal reported Monday.

Yellen, 74, became the first woman to head the central bank after her Senate confirmation in 2014 and would also be the first female Treasury secretary should she be confirmed to the cabinet position.

Democrats hope some members of the Senate’s Republican majority will vote to confirm Yellen, a less progressive choice than other names that were floated for the position, including Senator Elizabeth Warren.

Yellen would take over the Treasury as the economy fights to recover from the economic devastation of the coronavirus pandemic. Job growth began to bounce back after the spring as lockdown restrictions were lifted and businesses opened up, but with a new wave of coronavirus infections hitting large swaths of the country and new social distancing rules in some states, the economic recovery is expected to suffer.

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