Sunday , May 16 2021

Janet Yellen, Biden’s Expected Treasury Pick, Has Broken More Than Gender Barriers

She is comparatively reasonable on many subjects, together with commerce. Mr. Akerlof recalled in a biographical note in 2001 that when he met her: “Not solely did our personalities mesh completely, however now we have additionally at all times been in all however excellent settlement about macroeconomics. Our lone disagreement is that she is a little more supportive of free commerce than I.”

Ms. Yellen has been a significant affect on main officers on the Fed. John C. Williams, who labored for her in San Francisco, now leads the Federal Reserve Financial institution of New York. Mary C. Daly, who now leads the San Francisco Fed, cites Ms. Yellen as a key mentor.

That, together with Ms. Yellen’s expertise working with Mr. Powell, might assist facilitate the sort of shut relationship wanted between the Fed and Treasury, that are collaborating on a wide range of disaster response packages.

Henry M. Paulson Jr., who served as Treasury secretary beneath President George W. Bush, praised the choice. He stated Ms. Yellen “can have a troublesome job forward of her, however she has the expertise, expertise, credibility and relationships with members of Congress on either side of the aisle to make an actual distinction.”

Whereas the opposite main contenders for the job additionally had in depth expertise that spanned fiscal and financial coverage, Ms. Yellen was seen as properly positioned to make it by means of Senate affirmation, even when Republicans keep management of the chamber.

Lael Brainard, one other high candidate for the function, is the one remaining Fed governor from the Democratic Get together on the seven-member board, which at the moment has two open slots. She may need been tough to switch on the Fed: Nominees have been exhausting to verify over the previous decade, and the Senate might stay beneath Republican management.

Whereas main the Fed, Ms. Yellen at occasions had a testy relationship with congressional Republicans. In a single occasion, Consultant Mick Mulvaney, then a South Carolina Republican, stated Ms. Yellen was overstepping her boundaries by speaking about inequality.

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