Janet Yellen, former Fed Chairperson, speaks in the Fox Washington office. The US Senate has now confirmed her as Treasury Secretary. (Source: Andrew Harnik / dpa)
The US Senate has confirmed the renowned economist Janet Yellen as Treasury Secretary in the cabinet of the new President Joe Biden. The Ministry of Finance is now being led by a woman for the first time.
Yellen’s nomination was accepted with broad support from both political camps on Monday. 84 senators voted for the 74-year-old, 15 against her.
In view of the badly damaged US economy due to the corona pandemic, Yellen will play a central role in the efforts to counter the crisis. At a hearing in the Senate, she announced that she wanted to take generous measures to combat the consequences of the crisis. Otherwise, the long-term consequences for the US economy and the national budget threaten to be much worse, she warned.
Well-known expert in finance
Yellen was chairman of the US Federal Reserve from 2014 to 2018. She is a supporter of the theories of the economist John Maynard Keynes, according to which governments play an important role in overcoming economic crises – for example through higher government spending.