Еx-Fed chair Yellen set to become the first female US Treasury chief

President-elect Joe Biden will nominate former Federal Reserve chair Janet Yellen to head the US Treasury, a choice that, if confirmed by the Senate, would make her the first woman in the job, news wires reported. The 74-year-old, whose nomination was confirmed to AFP by a financial source close to the Biden administration, would be tasked with steering the world's largest economy as it struggles with mass layoffs and a sharp growth slowdown caused by the pandemic.

Yellen's candidacy was supported by left-wing members of Biden's Democratic Party, according to the source, and requires Senate confirmation. Yellen broke barriers when former president Barack Obama nominated her to serve as Fed chair in 2014, a position President Donald Trump ousted her from four years later. At the Fed, Yellen was seen as a "dove" inclined towards low interest rates to support employment.

Gregori Volokhine, president of Meeschaert Capital Markets, called Yellen a "friend of the markets" for supporting further spending that would boost equities, and noting her confirmation would mark a return of technocrats to the executive branch. "After four years of political appointments, we have appointments of professionals, not only political professionals but also professionals in their professions," he said.

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