Biden considering Yellen as possible Treasury secretary: report

Biden considering Yellen as possible Treasury secretary: report

President-elect Joe BidenJoe BidenBiden has spoken with some GOP senators, chief of staff says Trump told advisers he could announce 2024 bid shortly after certification of Biden win: report Obama ‘troubled’ by GOP attempts to cast doubt on election results: ‘That’s a dangerous path’ MORE is considering former Federal Reserve Chair Janet YellenJanet Louise YellenFed formally adopts new approach to balance inflation, unemployment Federal Reserve chief to outline plans for inflation, economy The Hill’s Morning Report – Presented by Facebook – First lady casts Trump as fighter for the ‘forgotten’ MORE 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 TrumpDonald John TrumpBiden has spoken with some GOP senators, chief of staff says Trump told advisers he could announce 2024 bid shortly after certification of Biden win: report Ivy League cancels winter sports amid US COVID-19 pandemic surge MORE 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