Campaign

Biden considering Yellen as possible Treasury secretary: report

by Brooke Seipel - 11/13/20 10:27 PM ET

President-elect Joe Biden is considering former Federal Reserve Chair Janet Yellen to be his Treasury secretary, Bloomberg News reports.

According to Bloomberg, people familiar with the matter say Yellen is among Biden’s contenders for the position and noted that she has canceled at least one upcoming speaking engagement as she is considered.

The other Treasury names on Biden’s list reportedly include Fed Governor Lael Brainard and former Fed Vice Chair Roger Ferguson.

Biden has announced that Ron Klain would be his chief of staff, but otherwise has not yet made any major cabinet or personnel decisions yet.

Former President Obama appointed Yellen to be his Federal Reserve chair, which she held for one term. President Trump then appointed Jerome Powell to the position, and has frequently clashed with him over his decisions at the central bank.

During the campaign, Yellen briefed the Biden team on economic issues after the fallout from the coronavirus pandemic. She has advised lawmakers to pass another stimulus relief package, warning that the U.S. could face deep and permanent damage to the economy without one.

Biden’s Treasury secretary would likely be involved in responding to the pandemic as well as crafting Biden’s tax plan.

The former vice president is calling for higher taxes on the wealthy and corporations, while also putting forth plans to provide and expand tax credits for lower- and middle-income families