Biden Expected to Pick Janet Yellen, Former Fed Chair, as Treasury Secretary
WASHINGTON — President-elect Joseph R. Biden Jr. is expected to nominate Janet L. Yellen, the first woman to lead the Federal Reserve, to be the next Treasury secretary, according to people familiar with the decision.
If confirmed, Ms. Yellen would be the first woman to lead the Treasury in its 231-year history. She would also be at the forefront of navigating an economic crisis — while growth is recovering from pandemic-related lockdowns earlier in the year, coronavirus infections are climbing and local governments are restricting activity again, likely slowing that rebound.
Ms. Yellen, 74, is likely to bring a long-held preference for government help for households that are struggling economically and for slightly tighter financial regulation with her to the Treasury.
But unlike the independent Fed, Ms. Yellen would find herself in a much more political role — one that will likely require negotiating with a Republican-controlled Senate. With Mr. Biden expected to push for additional economic aid, Ms. Yellen will be thrust into trying to broker a stimulus deal in a politically divided Congress that has so far failed to agree on another round of economic aid.
