Former Fed chief: Janet Yellen to become Treasury Secretary

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Janet Yellen was a professor at Berkeley and headed the US Federal Reserve, where she stood for pragmatic fiscal policy. In the Corona crisis, the upcoming president is apparently relying on the expertise of the 74-year-old convinced Keynesian.

The designated US President Joe Biden apparently wants to make the former US Federal Reserve chief Janet Yellen the first female Treasury Secretary in US history. The Democrat intends to nominate the 74-year-old for the post, said two of his party friends on Monday. The “Wall Street Journal” also reports on the personnel, citing insiders. A spokesman for Biden’s campaign staff declined to comment, as did Yellen herself when asked to comment by phone. Biden advisor Jen Psaki announced on Twitter that “some members of the economic team will be announced” early next week.

Biden has made the rebuilding of the US economy after the collapse in the wake of the Corona crisis a focus of his presidency. Yellen, who always saw herself as a Keynesian, has spoken out in favor of using higher government spending to help the US economy out of recession. At the same time, it has repeatedly criticized growing economic inequality as a threat to American values.

Biden’s assumption of office is scheduled for January 20th. He is currently compiling the list of candidates for his cabinet. At the start of the week, he announced the first names for top positions in the field of foreign and security policy. Above all, he relies on long-term, experienced companions who have already earned a reputation as experts in their future fields of activity.

Not well liked by Trump

Yellen also enjoys a high reputation in politics, business and on the international stage. As finance minister, she would be the first woman to head the key portfolio should the Senate approve her next year. In 2014, the former professor at the elite University of Berkeley and labor market expert – also the first woman – to take over the post of head of the US Federal Reserve after the then President Barack Obama had nominated her. However, it met with little approval from his successor Donald Trump. In 2018 she was succeeded by Jerome Powell, who is still Fed chief. In addition to Yellen, Fed Director Lael Brainard, the head of the Central Bank of Atlanta, Raphael Bostic, and former Fed Director Sarah Bloom Raskin were also candidates for the head of the Treasury.

Biden announced a series of nominations for top positions in his government on Monday. Among them were a number of well-known names abroad, above all the former presidential candidate John Kerry. He is supposed to be climate officer. The future foreign minister under Biden will be his longtime confidante and companion Antony Blinken, as announced by the staff of the President-elect. Jake Sullivan, also a long-time companion of Biden and a foreign policy expert, is planned as the national security advisor. Biden wants to appoint Linda Thomas-Greenfield as ambassador to the United Nations. Alejandro Mayorkas is supposed to head the Ministry of Homeland Security.

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