Janet Yellen is going the Treasury Secretary in the administration of newly elected US President Joe Biden. She will be the first female Treasury Secretary in US history.
The 74-year-old economist has previously served as a top economic adviser to central bank chief and former president Bill Clinton. She was credited with working for economic recovery and overcoming the recession after the 2007 financial crisis.
During her tenure as chairman of the Federal Reserve, Janet Yellen has worked extensively on the impact of bank policy on employees and the growing cost inequality in the U.S. economy.
However, Donald Trump did not give Janet Yellen the responsibility of the Fed in the second term to keep the tradition of Washington.
In fact, there are several reasons for choosing Janet Yellen as US Treasury Secretary. First, Janet is the best option for Biden at the moment when it comes to choosing a finance minister.
Because, in the current context, a finance minister now has to work to free the economy from epidemics as well as reduce the stagnant gap between rich and poor. And in this case, Yellen is not a newcomer.
As head of the Federal Reserve from 2014 to 2018, Janet Yellen has already reasonably established herself as one of the most powerful women in the world. The idea is that investors will also give her a warm welcome.
In addition, since leaving the Fed in 2018, Yellen has been working to protect the US economy from the effects of climate change and the Coronavirus epidemic.
At the same time, Janet Yellen, the daughter of a doctor and teacher family, has built her own family on economics. Yellen grew up in New York City. Brown holds a degree in economics from the University. She did her Ph.D. at Yale University.
In addition to performing important government duties, she has taught economics at various universities. Janet Yellen’s husband, Nobel laureate economist George Akerlof.
Janet Yellen has a long history of working for Washington. She was also an adviser to former President Bill Clinton. She served as vice-chairperson before becoming Fed chairman.
Janet Yellen later made history by replacing Ben Bernanke. After getting this responsibility as the first woman, there was a lot of praise for her in various media.
If Yellen gets this new responsibility, it will be one of the biggest challenges of his life. The United States is already in the grip of the biggest recession in history. More than 1 million people are now unemployed in the country.
Earlier, Yale’s policy of focusing on employment rather than inflation brought her fame. Despite rising inflation to raise policy interest rates, Janet’s goal was to increase employment.
With zero interest rates at present, the Fed has limited power to strengthen the economy and combat inequality. But Yellen may be able to do that as finance minister.