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.