President-elect Joe Biden Picks Janet Yellen For US Treasury Secretary

1
165

President-elect Joe Biden announced Monday he will nominate former Federal Reserve chair Janet Yellen to lead the Treasury, topping a slate of economic officials who would break racial and gender barriers in the US government.

The rollout of Biden’s economic team comes after running mate Kamala Harris made history as the first woman, first Black person and first person of South Asian descent to win the vice presidency.

If they win Senate approval, Yellen would be the first female Treasury secretary, and would be joined in the executive branch by the first African Americans to serve as her deputy and as head of the White House economic council, as well as the first South Asian in a key budget role.

“We face great challenges as a country right now. To recover, we must restore the American dream — a society where each person can rise to their potential and dream even bigger for their children,” Yellen tweeted following the announcement.

“As Treasury Secretary, I will work every day towards rebuilding that dream for all.”

Job number one for the 74-year-old, who previously made history as the first female Federal Reserve chief from 2014 to 2018, will be helping the US economy recover from the sharp downturn in growth and mass layoffs caused by the Covid-19 pandemic.

Unless lawmakers are able to overcome their differences in the closing weeks of the year, she will likely be tasked with convincing Democrats and Republicans in Congress to pass another spending bill to power the recovery amid a months-long deadlock on new aid.

READ  UK, EU reach post-Brexit trade deal

“As we get to work to control the virus, this is the team that will deliver immediate economic relief for the American people during this economic crisis and help us build our economy back better than ever,” Biden said in a statement announcing his appointments.

Biden has pushed ahead with naming his team despite Donald Trump’s continuing refusal to concede defeat and his unfounded claims of voter fraud that have been repeatedly rejected by courts.

Reality is, however, closing in step-by-step on Trump, and on Monday two more key states — Wisconsin and Arizona — certified their election results showing Biden won there.

The Electoral College is all but certain to formalize Biden’s nationwide victory when it meets on December 14.

Confirmation in question?

Yellen’s nomination was first reported last week, and Biden and Harris will present the nominees at an event on Tuesday.

Chuck Grassley, the Republican senator currently leading the Finance Committee that would hold Yellen’s confirmation hearing should the party maintain its current control of the chamber following two January elections in Georgia, told reporters she would likely get a “favorable view.”

Many of the others tapped for Biden’s economic team are veterans of former president Barack Obama’s administration.

Nigerian-born Wally Adeyemo, a former deputy national security advisor and current president of the Obama Foundation non-profit, was picked as deputy Treasury secretary. He would be the first African American in that role.

Neera Tanden, president of liberal think tank Center for American Progress, was picked to head the Office of Management and Budget. If confirmed, she would be its first South Asian leader.

READ  US Congress Struggles Over Stimulus Deal Amid New Shutdown Threat

However, Tanden — a former adviser to Hillary Clinton, who lost to Trump in the 2016 presidential election — faces criticism from conservatives and progressives alike that could jeopardise her chances of confirmation by the Senate.

Also named was Cecilia Rouse, the dean of the Princeton School of Public and International Affairs, tapped to chair the Council of Economic Advisors (CEA), who would be the first African American in that post.

Jared Bernstein, who previously advised Biden when he was vice president under Obama, will join the CEA, as will Washington Center for Equitable Growth President Heather Boushey.

Yellen would take over as Treasury secretary from Steven Mnuchin, who worked with Congress on passing the $2.2 trillion CARES Act in March that expanded unemployment payments and offered loans and grants to small businesses.

Those measures were seen as key in keeping the US from an even worse economic slowdown, but they expired over the summer and, despite talks with Mnuchin, Democrats controlling the House and Republicans leading the Senate have failed to agree on how much to spend, or what to spend it on.

A study from progressive think tank The Century Foundation released last week said 12 million Americans will be receiving aid from government programs that will expire at the end of the year.

(AFP)

1 COMMENT

  1. SEEKING FOR RICH SUGAR MUMMY/DADDY/LESBIAN/GAY
    CONTACT OUR DATABASE ADMINISTRATOR ON (+2348145236851)
    Turn your life around by getting the chance to meet with our Executive sugar mummies
    sugar daddies,gay and lesbian connections all over Nigeria,Benin Republic,Ghana, South Africa,UK,U.S.A,
    Dubai,Paris,Germany and some other countries, you are also entitled to contract opportunities,job offers in good reputable companies within Nigeria ,
    business packages,financial packages and loans offers for businesses
    by meeting our prestigious clients,who are highly rich and influential,powerful,connected,
    we have directors,C.e.o ,senators,managers,politicians,
    oil tycoon,big time Dubai and London based sugar mummies and daddies,we have ladies that owns two to three companies within one state and also ladies thatrun their business organization within
    overseas,so are you good in bed,do you have all it takes to partake in our service,we offered fast reliable service to you anywhere you are within the above
    mention countries
    ,our clients are highly connected and influential people within the society, so contact us now to get an instant hook-up today,
    FACEBOOK NAME/bALOGUN JAMES SUNDAY
    PHONE NUMBERS/08145236851

    WHATSAPP NUMBER/+2348145236851

    AFRICAN DATING AGENCY…..YOUR WISH IS OUR DESIRE……..

Kindly Leave a Comment