Same but different

23 Nov 2020 By Anna Szymanski

If nominated by Joe Biden, the former Fed chair would be only the second U.S. central bank chief to take the top fiscal post. Her resume makes her a safe choice, but Yellen’s evolution on subjects like fiscal deficits and unemployment could make her more daring.

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President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to be the next U.S. Treasury secretary, the Wall Street Journal reported on Nov. 23, citing people familiar with the situation.

Yellen ran the U.S. central bank from 2014 to 2018, after being nominated to the role by former President Barack Obama. She had been the vice-chair from 2010 to 2014, the president of the Federal Reserve Bank of San Francisco from 2004 to 2010 and had been on the Board of Governors from 1994 to 1997. She was also chair of former President Bill Clinton’s Council of Economic Advisers from 1997 to 1999.

If nominated, Yellen’s appointment would be dependent on a majority vote from the Senate.

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