Janet Yellen's first battle is already taking shape

Marco Green
Ноября 25, 2020

The prospect of former Federal Reserve boss Janet Yellen becoming the next US Treasury Secretary is "good news" for the US and the world, European Central Bank vice president Luis de Guindos said Wednesday. Last week Mr Biden said he had decided on his Treasury Secretary, though declined to say who it was.

If confirmed, this will not be Yellen's first time breaking the glass ceiling at the highest level of economic policymaking.

At the Fed, Yellen was seen as a "dove" inclined towards low interest rates to support employment.

Yellen's appointment requires Senate confirmation.

House Democrats under Speaker Nancy Pelosi and Republicans led by current Treasury Secretary Steven Mnuchin have been unable to agree on another spending package to help struggling Americans and businesses since March.

Yellen did "a very good job when she was the head of the Federal Reserve", he said, adding that her appointment "is good news for the USA economy and for the world economy".

Ms Yellen would replace incumbent Steve Mnuchin and lead Democrat Joe Biden's administration in its task to fix America's pandemic-hit economy.

What really baffles me is the push from progressives. A Yale Ph.D graduate, she has a history of economic policymaking that stretches back decades, including a stint as president of the San Francisco Fed from 2004 to 2010, chair of the Council of Economic Advisers under Bill Clinton from 1997 to 1999, and a Fed governorship from 1994 to 1997.

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