Yellen, who will be the first woman to hold the job should she be confirmed by the Senate, will be tasked to lead Biden’s economic response to the coronavirus pandemic, which has wreaked havoc on the economy and led millions of Americans to lose their jobs. She will also be asked to make good on the former vice president’s campaign promise to narrow the economic divide between rich and poor in the United States.
Yellen, after a long career in academia and different federal reserve roles, was nominated by President Barack Obama to become chair of the Federal Reserve — the first woman to hold the position — in a role she filled from 2014 to 2018. President Donald Trump opted not to renominate Yellen during his first year in office, instead nominating Jerome Powell to take the top job.
Biden had said that his pick to be Treasury secretary would attract broad support from different corners of the Democratic Party.
“You’ll soon hear my choice for Treasury, either just before or just after Thanksgiving,” Biden told reporters in November. “It’s someone who will be accepted by all elements of the Democratic Party, from the progressive to the moderate coalitions.”
And Yellen does appear to have that broad appeal. The historic nature of her nomination could help with any skeptical Democrats. And Republicans, who may control the Senate in January, have previously backed Yellen, including in her nomination to Fed Chair. Yellen’s confirmation would be in line with Biden’s pledge to build a diverse Cabinet.
This is a breaking story and will be updated.
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