Biden will nominate Yellen as US Treasury Secretary and is expected to become the first female Treasury secretary
Biden will nominate former Federal Reserve Chairman Janet Yellen as Treasury Secretary and, if confirmed, will become the first female Treasury Secretary in US history, media quoted people familiar with the matter as saying on Monday.
It is worth noting that Yellen has become the first woman to serve as the Fed chairman. On October 9, 2013, the then US President Barack Obama nominated Yellen to replace Ben Bernanke as the chairman of the Federal Reserve, and took office on February 3, 2014, becoming the first female chairman in the history of the Federal Reserve.
Investors are likely to welcome Ms. Yellen, whose tech stocks doubled even after her first rate hike in 11 years as Fed chairman. Yellen also agreed to increase emergency government spending during the outbreak.
If confirmed, Yellen will face one of the toughest jobs in the new government, with many unique economic hurdles. At a time when the epidemic is still devastating the U.S. economy, the U.S. Treasury Secretary will receive more attention from the outside world.
Earlier, people familiar with the matter have disclosed that aides to US President-elect Biden have told US Federal Reserve governor Lael Brainard that she needs to stay in the Fed, which also means that the possibility of Brainard as the next US Treasury secretary becomes more remote. The market has already speculated that Yellens probability will become US Treasury Secretary, and Brainard is a popular candidate for the next Fed chairman.