WASHINGTON: United States President-elect Joe Biden announced that he will nominate former Federal Reserve chair Janet Yellen to lead the Treasury Department.
Biden rolled out his economic team comprising officials who would break racial and gender barriers in the US government. If they win Senate approval, Yellen would be the first female Treasury secretary and would be joined in the executive branch by the first African Americans to serve as her deputy and as head of the White House economic council, as well as the first South Asian in a key budget role.
“We face great challenges as a country right now. To recover, we must restore the American dream — a society where each person can rise to their potential and dream even bigger for their children,” Yellen tweeted following the announcement. “As Treasury Secretary, I will work every day towards rebuilding that dream for all.”
We face great challenges as a country right now. To recover, we must restore the American dream—a society where each person can rise to their potential and dream even bigger for their children.
As Treasury Secretary, I will work every day towards rebuilding that dream for all.
— Janet Yellen (@JanetYellen) November 30, 2020
The first job for Yellen, who previously made history as the first female Federal Reserve chief from 2014 to 2018, will be helping the US economy recover from the sharp downturn in growth and mass layoffs caused by the COVID-19 pandemic.
She will likely be tasked with convincing Democrats and Republicans in Congress to pass another spending bill to power the recovery amid a months-long deadlock on new aid. “As we get to work to control the virus, this is the team that will deliver immediate economic relief for the American people during this economic crisis and help us build our economy back better than ever,” Biden said in a statement announcing his appointments.
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He has stressed that he would strive for diversity while choosing staff for when he takes office in January. Biden has pushed ahead with naming his team despite Donald Trump’s continuing refusal to concede defeat and his unfounded claims of voter fraud that have been repeatedly rejected by courts.
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. pic.twitter.com/p6M1neCeoK
— Christine Lagarde (@Lagarde) November 30, 2020
Many of the others tapped for Biden’s economic team are veterans of former president Barack Obama’s administration. Nigerian-born Wally Adeyemo, a former deputy national security advisor and current president of the Obama Foundation non-profit, was picked as deputy Treasury secretary. He would be the first African American in that role.
Neera Tanden, president of liberal think tank Center for American Progress, was picked to head the Office of Management and Budget. If confirmed, she would be its first South Asian leader. Cecilia Rouse, the dean of the Princeton School of Public and International Affairs, was tapped to chair the Council of Economic Advisors (CEA), who would be the first African American in that post.
Jared Bernstein, who previously advised Biden when he was vice president under Obama, will join the CEA, as will Washington Center for Equitable Growth President Heather Boushey.
Yellen would take over as Treasury secretary from Steven Mnuchin who worked with Congress on passing the $2.2 trillion CARES Act in March that expanded unemployment payments and offered loans and grants to small businesses.
