Economy

Janet Yellen set to become America's first female Treasury Secretary

Janet Yellen set to become America's first female Treasury Secretary”

In selecting former Federal Reserve Chair Janet Yellen to head the Treasury Department, President-elect Joe Biden followed through on his campaign pledge to break precedent and build a diverse executive branch.

If confirmed, this will not be Yellen's first time breaking the glass ceiling at the highest level of economic policymaking. Yellen is a graduate of Brown and Yale universities, Yellen was also the first woman to serve as Fed chair. Obama originally appointed Yellen to the Fed in 2014, where she remained until early 2018.

Yellen's appointment requires Senate confirmation.

Biden, who served as vice president under Obama and defeated Trump in the November 3 election, has been moving quickly to fill key slots in his incoming cabinet. Positive preliminary PMI data released on Monday by Markit, along with news that President-elect Biden would likely nominate Janet Yellen as the next Treasury Secretary helped buoy the broader markets.

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Affable and small in stature with her face framed by a helmet of white hair, Yellen never lost her composure in the face of attacks from Republican lawmakers.

"We need public policy oriented toward making a big difference on climate change", she said recently. She is widely seen as an moderate candidate, though recent public statements suggest she would be much more willing to expand spending than current secretary Steven Mnuchin, who recently drew criticism for ending several emergency lending programs.

Prior to her tenure as the Federal Reserve chair, Yellen served as the institution's vice-chair and the chair of former President Bill Clinton's economic advisory council.

Now a distinguished fellow at the Brookings Institution in Washington, Yellen has signaled her support for more spending.



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