Yellen appears to be the favorite to be named Biden's Treasury Secretary

Andrew Cummings
November 24, 2020

Yellen is 74, and widely respected amongst both democrats and republicans.

The outgoing administration could make rectifying this situation more hard for Yellen: Treasury Secretary Steven Mnuchin provoked rare criticism from central bank officials when he announced last week that funding for emergency Fed programs to stabilize small- and medium-size businesses would be cut off at the end of the year, a move Biden allies charged was calculated to hamstring the president-elect's ability to counteract the economic devastation of the pandemic without protracted congressional wrangling.

As President-Elect Biden continues to round out his roster of appointees, he has tapped an Obama-era chair of the Federal Reserve to lead his administration's economic policy. Yellen would replace current Treasury Secretary Steven Mnuchin.

Chief economist at Grant Thornton Diane Swonk called Yellen "a highly talented and gifted economist" on Twitter.

"She will make a great treasury secretary at a critical time and write yet another chapter in the history books", she said.

"After four years of political appointments, we have appointments of professionals, not only political professionals but also professionals in their professions", he said.

"Fiscal policy has a very important role to play now", Yellen, currently a distinguished fellow at the Brookings Institution in Washington, said recently. "I believe it's essential". President Donald Trump opted not to renominate Yellen during his first year in office, instead nominating Jerome Powell to take the top job.

The decision comes after an official announcement by the Biden transition team about nominees for key national security roles, including Antony Blinken for Secretary of State and Alejandro Mayorkas for Secretary of Homeland Security.

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