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President-Elect Joe Biden Taps Ex-Fed Chair Janet Yellen As Treasury Chief

If confirmed, Janet Yellen would be the first feminine US Treasury chief (File)

Washington:

US President-elect Joe Biden on Monday named former Federal Reserve chair Janet Yellen as his alternative for Treasury secretary.

“Janet Yellen is nominated to serve as Secretary of the Treasury. If confirmed, she will be the first woman to lead the Treasury Department in its 231-year history,” Biden’s transition crew stated in an announcement.

The 74-year-old beforehand broke boundaries as the primary feminine Fed chief, and shall be tasked with revitalizing the coronavirus-stricken US economic system if confirmed by the Senate.

Biden introduced Yellen’s nomination — which was first reported final week — together with plenty of different officers who would fill out his administration’s financial crew as soon as he takes workplace in late January.

“As we get to work to control the virus, this is the team that will deliver immediate economic relief for the American people during this economic crisis and help us build our economy back better than ever,” Biden stated in an announcement.

The United States has seen a pointy contraction in progress and tens of thousands and thousands of job losses because it struggles with a resurgence of infections amid the world’s largest Covid-19 outbreak.

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Massive stimulus spending authorised earlier within the yr has helped blunt among the downturn, however Yellen seemingly shall be tasked with breaking a impasse in Congress over passing extra help, which analysts say is required to avert renewed financial ache.

Biden additionally introduced that Neera Tanden, president of liberal suppose tank Center for American Progress, as his decide to move the Office of Management and Budget.

Nigerian-born Wally Adeyemo, a former deputy nationwide safety advisor, will function deputy Treasury secretary, the assertion stated.

(Except for the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)

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