Washington:
US President-elect Joe Biden on Monday named former Federal Reserve chair Janet Yellen as his option for Treasury secretary.
“Janet Yellen is nominated to serve as Secretary of the Treasury. If confirmed, she will be the first woman to lead the Treasury Department in its 231-year history,” Biden’s transition group stated in a statement.
The 74-year-old previously broke barriers as the 1st female Fed chief, and will be tasked with revitalizing the coronavirus-stricken US economy if confirmed by the Senate.
Biden announced Yellen’s nomination — which was 1st reported final week — along with a quantity of other officials who would fill out his administration’s financial group as soon as he requires workplace in late January.
“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 stated in a statement.
The United States has observed a sharp contraction in development and tens of millions of job losses as it struggles with a resurgence of infections amid the world’s biggest Covid-19 outbreak.
Massive stimulus spending authorized earlier in the year has helped blunt some of the downturn, but Yellen probably will be tasked with breaking a deadlock in Congress more than passing additional help, which analysts say is necessary to avert renewed financial discomfort.
Biden also announced that Neera Tanden, president of liberal believe tank Center for American Progress, as his choose to head the Office of Management and Budget.
Nigerian-born Wally Adeyemo, a former deputy national safety advisor, will serve as deputy Treasury secretary, the statement stated.
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