Janet Yellen to be first female treasury secy of US
Published : Tuesday, 24 November, 2020 at 4:45 PM Count : 158
President-elect Joe Biden will nominate former Federal Reserve Chair Janet Yellen to head the US Treasury, a financial source with knowledge of the incoming administration’s decision said Monday.
If confirmed by the Senate, the 74-year-old would make history as the first female head of the department, and be tasked with steering the world’s largest economy as it struggles with mass layoffs and a sharp growth slowdown caused by the Covid-19 pandemic, reports AFP.
BBC adds: As chair of the US Federal Reserve, Ms Yellen was known for focusing more attention on the impact of the bank's policies on workers and the costs of America's rising inequality.
Donald Trump bucked Washington tradition when he opted not to appoint Ms Yellen to a second four-year term at the Fed. Starting with Bill Clinton in the 1990s, presidents kept on bank leaders appointed by their predecessors in an effort to de-politicise the bank.
Since leaving the bank in 2018, Ms Yellen has spoken out about climate change and the need for Washington to do more to shield the US economy from the impact of the coronavirus pandemic.