Home Economy Former Federal Reserve Chair Janet Yellen for Treasury Chief (VIDEO)

Former Federal Reserve Chair Janet Yellen for Treasury Chief (VIDEO)

by Alexandros Ammohostianos
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As we learn from a new Bloomberg post today, Former Federal Reserve Chair Janet Yellen is under consideration to be President-elect Joe Biden’s Treasury secretary

As we learn from Bloomberg: Janet Yellen has withdrawn from at least one upcoming speaking engagement because she is now in contention for Treasury secretary, one of the people familiar with the matter said. The people spoke on condition of anonymity to discuss personnel deliberations.

Since at least August, when Biden accepted the Democratic nomination, Yellen has been among a group of economists who have briefed Biden on the state of the economy. President-elect Joe Biden has promised to pick a diverse cabinet, which means he could choose the first Black or female Treasury secretary in history. Bloomberg News reported in September, that Biden’s team is also eyeing Fed Governor Lael Brainard and former Fed Vice Chair Roger Ferguson for the job.

According to transition official Jen Psaki, President-elect Joe Biden is launching his transition efforts to shape the new administration, but he is still weeks away from making cabinet nominations.

Watch below, CNBC’s full interview with former Fed Chair Janet Yellen on Apr 6, 2020

Yellen, now a distinguished fellow in residence at the Brookings Institution, was appointed by President Barack Obama as the first woman to serve as Fed chair. She held the job for one term before President Donald Trump appointed Jerome Powell to lead the central bank.

Since stepping down as Fed chair, she has joined investment banks including JPMorgan Chase & Co., Goldman Sachs Group Inc., and oil companies Exxon Mobil Corp., ConocoPhillips and Shell Oil Co., in urging policy makers to consider a tax on carbon-dioxide emissions.

In 2018, Janet Yellen said that:

“From the standpoint of an economist, the most efficient way to tackle climate change is to tax emissions — to create a disincentive to emit carbon dioxide. It’s the right solution to a problem, and it’s collected in a way that is practical and feasible.”

Source of Information by Bloomberg

Cover Photo by: CNN Business

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