Brian Cheung·ReporterMon, November 30, 2020, 9:58 AM EST
Former Federal Reserve Chair Janet Yellen is President-elect Joe Biden’s pick to serve as the 78th Treasury Secretary of the U.S., the Biden transition team announced November 30.
The president-elect made the announcement as part of an unveil for the incoming administration’s economic team, which would include Neera Tanden for head of the Office of Management and Budget, Wally Adeyemo for Deputy Treasury Secretary, and Cecilia Rouse for Chair of the Council of Economic Advisors.
Yellen, 74, will have her work cut out for her, with the U.S. economy in the midst of the deepest economic crisis since the Great Depression. But Yellen’s deep experience with macroeconomics, in addition to her familiarity with the inner workings of Washington, could prove to be useful tools as the Biden administration takes a swing at a fiscal response to the crisis.
If confirmed, Yellen will be the first woman to hold the position, and only the second Fed chair to serve in the role, coming after G. William Miller, who also held both roles.
Her resumé includes 16 years in leadership roles within the Federal Reserve System.
From 2004 to 2010, Yellen served as the head of the Federal Reserve Bank of San Francisco before being tapped by the Obama administration for a role as Fed Vice Chair from 2010 to 2014. She was then appointed to replace Ben Bernanke as Fed Chair and served in that position until 2018 when the Trump administration replaced her with Jay Powell.
Like many former Fed chairs, Yellen has had experience working with fiscal policy through economic roles within previous White Houses. From 1997 to 1999, Yellen served as chair of the White House Council of Economic Advisors, helping to drive policy under the Clinton administration.
Since leaving the Fed, Yellen has worked at the Washington D.C.-based think tank Brookings Institution.
Yellen would be the first person in American history to serve as Fed Chair, Treasury Secretary, and Chair of the CEA.
The Yellen nomination was first reported by the Wall Street Journal November 23.