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Biden considering Yellen as possible Treasury secretary: report

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
Tags 2020 Biden Donald Trump Election Federal Reserve Janet Yellen Janet Yellen Joe Biden secretary Treasury

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File - A Chevrolet Bolt is displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. Electric vehicles are far less reliable than gasoline-powered cars, trucks and SUVs, mainly because most automakers are still learning how to build a completely new power system, according to this year's auto reliability survey by Consumer Reports.(AP Photo/Matt Rourke, File)
File - A Chevrolet Bolt is displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. Electric vehicles are far less reliable than gasoline-powered cars, trucks and SUVs, mainly because most automakers are still learning how to build a completely new power system, according to this year's auto reliability survey by Consumer Reports.(AP Photo/Matt Rourke, File)

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In this photo released by the Governor of Sevastopol, Mikhail Razvozhayev telegram channel, a rescuer gestures as he helps people during an evacuation after storm and flooding in Sevastopol, Crimea, Monday, Nov. 27, 2023. A storm in the Black Sea took down power grids and left almost half a million people without power after it flooded roads, ripped up trees and damaged buildings in Crimea, Russian state news agency Tass said. (Governor of Sevastopol Mikhail Razvozhayev's telegram channel via AP)
In this photo released by the Governor of Sevastopol, Mikhail Razvozhayev telegram channel, a rescuer gestures as he helps people during an evacuation after storm and flooding in Sevastopol, Crimea, Monday, Nov. 27, 2023. A storm in the Black Sea took down power grids and left almost half a million people without power after it flooded roads, ripped up trees and damaged buildings in Crimea, Russian state news agency Tass said. (Governor of Sevastopol Mikhail Razvozhayev's telegram channel via AP)

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