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Biden picks Janet Yellen as US treasury secretary

01 Dec 2020 11:29, Somoy English Desk
Biden picks Janet Yellen as US treasury secretary
Biden picks Janet Yellen as US treasury secretary

US President-elect Joe Biden has named ex-Federal Reserve chair Janet Yellen as his nominee for treasury secretary.

If confirmed by the Senate, she would be the first woman ever to hold the post, reports BBC.

She was among several women chosen for top economic positions. The Biden transition team said others were set to break racial barriers if confirmed.

Mr Biden has pledged to build a diverse administration. He earlier appointed an all-female senior press team.

His transition team said his picks for senior economic roles would help "lift America out of the current economic downturn and build back better".

Mr Biden has also announced the formation of a Presidential Inaugural Committee ahead of his swearing-in on 20 January. The committee will be responsible for organising inauguration-related activities.

Also on Monday, Mr Biden got his first look at the daily presidential intelligence briefing as president-elect.

The overview of national security threats to the US is usually offered as a courtesy to incoming White House administrations, but was initially withheld as Mr Trump refused to concede victory.

Who is Janet Yellen?
Ms Yellen had been widely tipped for the nomination in media reports prior to Monday's announcement.

The 74-year-old economist has served as head of America's central bank and as a top economics adviser to former President Bill Clinton.

She is credited with helping steer the economic recovery after the 2007 financial crisis and ensuing recession.

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.

Mr 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.

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