Yellen nomination as Treasury secretary clears committee

Marco Green
January 24, 2021

"I hope that President Biden realises that the treatment of Dr. Yellen's nomination in this Committee signals interest by me and my Republican colleagues in working cooperatively and in a bipartisan way", Chuck Grassley, an Iowa Republican and chairman of the Senate Finance Committee, said.

Scheduling and procedural disagreements between Senate Democratic and Republican leaders over impeachment proceedings against former President Donald Trump could further delay Senate votes for Yellen and other Biden nominees.

Yellen said that the Biden administration would undertake a comprehensive review of all aspects of former USA president Donald Trump's trade policies toward China, including Beijing's implementation of the interim trade deal signed in January a year ago.

Janet Yellen, who was recently nominated by US President Joe Biden for the post of Treasury Secretary, said that it is "important to consider the benefits of cryptocurrencies", according to her written testimony published today. Schumer initially indicated the chamber would vote on her confirmation Friday, but the process was delayed. Biden has already unveiled a $1.9 trillion stimulus package that would include $1,400 payments to most Americans, as well as expanded unemployment benefits.

"As I noted earlier, her nomination triggered the most favourable reaction to any I can remember - economists, politicians and market participants", Mohamed A. El-Erian, Chief Economic Advisor at Allianz, tweeted on Friday. "So, this is an indication that she is really an NBA All-Star when it comes to Senate confirmation".

Cryptocurrencies mainly used for illegal financing – Yellen
U.S. Treasury Secretary nominee says the use of crypto in illegal activities is a particular concern.

Yellen, a 74-year-old well-regarded economist, is not expected to face any serious opposition from United States senators.

The 74-year-old, who also made history as the first female Federal Reserve chief from 2014 to 2018, will be tasked with helping the USA economy recover from the sharp downturn in growth and mass layoffs caused by the COVID-19 pandemic.

Yellen's Republican predecessor, Steven Mnuchin, was not confirmed until three weeks after Trump's 2017 inauguration on a party-line vote.

Janet Yellen is odds-on favourite to become the new Treasury Secretary for the Biden administration. She suggested that the government needs new tools to prevent money laundering through cryptocurrency exchanges. She also endorsed an effective carbon pricing system and financial regulation to combat systemic risks from climate change.

With Yellen still awaiting confirmation, the Biden administration on Wednesday named Andy Baukol, a longtime career global finance official, as acting Treasury secretary.

Other reports by Click Lancashire

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