Former Fed Chair Janet Yellen reportedly Biden pick for Treasury Secretary

Former Federal Reserve Chair Janet Yellen will serve as the 78th Treasury Secretary of the U.S., the Wall Street Journal reported Monday afternoon, citing people familiar with President-elect Joe Biden’s transition team.

Yellen, 74, will have her work cut out for her, with the U.S. economy in the midst of the deepest economic crisis since the Great Depression. But Yellen’s deep experience with macroeconomics, in addition to her familiarity with the inner workings of Washington, could prove to be useful tools as the Biden administration takes a swing at a fiscal response to the crisis.

If confirmed, Yellen will be the first woman to hold the position, and only the second Fed chair to serve in the role (G. William Miller).

Her resumé includes 16 years in leadership roles within the Federal Reserve System.

From 2004 to 2010, Yellen served as the head of the Federal Reserve Bank of San Francisco before being tapped by the Obama administration for a role as Fed Vice Chair from 2010 to 2014. She was then appointed to replace Ben Bernanke as Fed Chair and served in that position until 2018 when the Trump administration replaced her with Jay Powell.

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