Janet Yellen, former Federal Reserve chair, could join President-elect Joe Biden’s team as the first female Treasury secretary in the history of the United States, Bloomberg has reported.
What Happened: Biden is considering Yellen, along with former Fed Vice Chair Roger Ferguson and Fed Governor Lael Brainard, for the position, according to the sources cited by Bloomberg.
Yellen is said to have canceled one speaking engagement to avoid conflict of interest, as she is being considered for the position.
Why It Matters: These considerations are a part of Biden’s plan to create a diverse cabinet. Even though the candidates are being discussed right now, the actual appointment won’t happen for several weeks.
Yellen became the first female Fed chair in February 2014, appointed by former President Barack Obama.
The role of Treasury secretary is to advise the president and the Cabinet on economic issues. They wield considerable influence over the domestic and world economy, especially in times of crisis such as the subprime mortgage meltdown of 2008. The current pandemic has been the biggest shock to the global financial system since that meltdown, which developed into the Great Recession.
Steve Mnuchin is the current secretary, appointed by Donald Trump in 2017.
Image Source: Official Website of the Federal Reserve