Joe Biden nominates Janet Yellen as US Treasury secretary

The US President-elect Joe Biden announced on Monday he will nominate former Federal Reserve chair Janet Yellen to lead the Treasury, news wires reported. If she wins Senate approval, Yellen would be the first female Treasury secretary.

"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.

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.

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.

Biden has pushed ahead with naming his team despite Donald Trump's continuing refusal to concede defeat. On Monday two more key states - Wisconsin and Arizona- certified their election results showing Biden won there. The Electoral College has to formalize Biden's nationwide victory when it meets on 14 December

 

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