Biden To Nominate Former Fed Chair Janet Yellen For Treasury Secretary

Federal Reserve Chair Janet Yellen testifies before the House Finance Committee in the Rayburn House Office Building November 4, 2015 in Washington, DC. Because the Obama administration has yet to appoint a vice chairman for supervision at the Federal Reserve -- as madated by the Dodd-Frank Law --  Yellen is assuming the semi-annual duty for reporting to the committee on the Fed's "supervision and regulation of the financial system."
Federal Reserve Chair Janet Yellen testifies before the House Finance Committee on November 4, 2015. (Photo by Chip Somodevilla/Getty Images)
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November 23, 2020 3:41 p.m.

President-elect Joe Biden is poised to nominate former Federal Reserve Chair Janet Yellen as his Secretary of the Treasury, according the Wall Street Journal first reported Monday afternoon. CNBC and other news outlets quickly confirmed the news.

Like several other Biden appointees, Yellen would be another “first” in a major Cabinet role: No woman has held the position of Treasury secretary before.

Last week, Biden told reporters that he believed his Treasury pick would be accepted by “all elements of the Democratic Party,” including both moderates and progressives.

Prior to her tenure as the Federal Reserve chair, Yellen served as the institution’s vice-chair and the chair of former President Bill Clinton’s economic advisory council.

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