Biden Taps Yellen for Treasury Secretary

President-elect Joe Biden intends to nominate Janet Yellen to serve as his administration’s Treasury Secretary, according to media reports. If confirmed, Yellen would be the first woman to hold that position. She previously served as Federal Reserve Chair from 2014-18 under the Obama Administration, and was a Federal Reserve Board Governor, President of the San Francisco Federal Reserve Bank and Chair of the Council of Economic Advisers in the Clinton Administration.

During her time as Fed chair, unemployment fell more under her tenure than any other Fed chair since World War II, according to a Washington Post report. She has given numerous media interviews in recent months calling for an increased response to the pandemic-induced economic crash.

“It’s urgent” to pass more relief, Yellen told The Washington Post. “I am particularly concerned about the fact that quite a few, especially low-income workers, stand to suffer permanent job losses.”