Joe Biden has confirmed Janet Yellen as the Treasury Secretary of the next US government

US President-elect, Democrat Joe Biden, announced to members of what will be the White House’s economic team this Monday, including Janet Yellen, as Secretary of the Treasury.

The transition team also reported that Neera Tanden, who was an advisor to former President Barack Obama, will be the director of the White House budget office, and economist Cecilia Rouse will serve as chairman of the Council of Economic Advisers on Monday. second said a person familiar with the process.

For his part, Wally Adeyemo, the Obama administration’s international economic adviser, will be Yellen’s undersecretary in the Treasury Department. Economists Jared Bernstein and Heather Boushey will be appointed to the Council of Economic Advisers.

Biden’s economic elections have been the subject of a tug-of-war between democratic centrists, who primarily want a return to experience and competition, and progressives, who want drastic measures to deliver on the democratic campaign’s promise of capitalism. America is fairer for everyone. The candidacies of Tanden, Rouse and Adeyemo require confirmation from the Senate, most likely with a Republican majority.

As in 2009 with Obama, of which Biden was vice president, the incoming administration will inherit a struggling economy on January 20 that faces serious short-term challenges. “This is the team that will give people immediate economic relief during this economic crisis and will help us rebuild our economy better than ever.Biden said in a statement.

The prospect that the former US Federal Reserve chairman Janet Yellen to become the next Secretary of the Treasury he was greeted with good eyes by the local and international markets.

At 74, it will have to take over the largest economy in the world during the COVID-19 crisis, and some experts consider it in favor of greater public spending.

Yellen broke the barriers when former President Barack Obama appointed her to head the Fed in 2014, a position from which she was sacked by President Donald Trump four years later. At the Federal Reserve, Yellen was seen as a “dove” prone to low interest rates to support the occupation, against the “hawks” who wanted tougher monetary policies.

The new Secretary of the Treasury will succeed Steven Mnuchin and will likely face breaking a month-long blockade in Congress on approving a new stimulus package for the US economy, assuming lawmakers do not act before Biden takes office.

(With information from Reuters and AFP)

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