Joe Biden to nominate Janet Yellen for Treasury secretary: Dow Jones

President-elect Joe Biden has chosen former Federal Reserve Chair Janet Yellen as Treasury secretary, a historic decision that could make her the first woman to lead the department, according to people familiar with the matter.

Yellen, 74, is widely seen as a politically “safe” pick for the role, likely to garner support from Senate Republicans as someone capable of pursing bipartisan compromise during an otherwise fragile time for the economy.

A graduate of Brown and Yale universities, Yellen was also the first woman to serve as Fed chair after her Senate confirmation in 2014.

Her four-year tenure at the helm of the Fed, marked by an improving jobs market and historically low interest rates, may also boost her odds for confirmation.

Political strategists say hopes for a more progressive choice, such as noted Wall Street critic Sen. Elizabeth Warren, had been abandoned after it became clear Democrats would not win a sizable majority in the Senate.

“Janet is a big name, with significant experience highlighted by her time at The Fed,” wrote Alli McCartney, managing director at UBS.

“I am not surprised markets are reacting favorably as this choice is reassuring, especially with the challenges that lie ahead including avoiding a double dip recession and getting people back to work amidst rising virus cases.”

President Donald Trump in 2017 chose to replace Yellen with current Fed Chairman Jerome Powell at the expiration of her first term at the central bank.

Biden’s team had also been eyeing Fed Governor Lael Brainard and former Fed Vice Chair Roger Ferguson for the job, according to people familiar with the transition team’s thinking.

Still, progressive Democrats may also welcome Yellen as Biden’s Treasury pick thanks in part to her commitment on how economic policymakers could address climate change. She has in recent years voiced support for a carbon dioxide emissions tax.

Yellen is currently an economist at the Brookings Institute. Before becoming Fed chair, Yellen was at the helm of the San Francisco Federal Reserve Bank and was the 18th chair of the Council of Economic Advisers under the Clinton administration.

Neither a Brookings spokesperson nor a Biden transition spokesperson immediately responded to CNBC’s request for comment.

“I think Janet Yellen is a solid person who I think doesn’t have a harsh partisan tone to her, which is what I think Biden is looking for,” said Fundstrat Global Advisors strategist Tom Block.

“I think Mnuchin did a pretty good job in a very difficult situation, keeping relationships open with Pelosi,” he added. “I think Janet Yellen can do the same thing with the Republicans in the Senate.”

If confirmed, Yellen will without a doubt inherit one of the most demanding positions in the incoming administration, facing numerous unique economic hurdles.

The Wall Street Journal first reported the choice Monday, citing people familiar with the matter.

The Treasury secretary is the foremost navigator of the U.S. economy, managing the public debt and the execution of foreign penalties, monitoring the collection of taxes, and serving as the chief liaison between the administration and the financial markets and businesses large and small.

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[rayj.]

How sad is it that Feinstein had to throw shade at Yellen’s husband as part of complementing her... Liberal Hypocrisy! Yellen’s accomplishments should and DO stand out on their own!

[genes.]

She's 74 years old. It's past time to give younger people a shot at these jobs, and I say that as an advanced boomer myself.

[jaxxx]

If Volker was the best man in a bad position, Hobbit surely is the worst

[cfwin]

How about bringing some engineers and scientists into the cabinet! America needs to focus on making and building things, not financial engineering.

[bonlouis]

I hope her husband lets her leave the North Pole

[mikerice]

Mar 13 2008 Wall street Bear Stearns we will fail the next day with out a bail out 30 billion the Fed, government What the Hell . two dollars a share and Shareholders wiped out

[brightblackgrouse]

First action is for the dues, not surprising.

[darrenphillips]

Social Security will be transitioned into the stock market. They do it in Japan, I think like 15% of S.S. goes to Nikkei. We're following Japan economically.
also, and this means absolutely nothing, but it's in the category of following japan.
Back in 2014, just playing with some numbers when I read that japan started quantitative easing before we did. Anyways, Japans market (NIKKEI) crashed after a 5x expansion.. So I took DJIA at mid 6000 something, because that's where it was when QE1 started back in 09' and times'd it by 5. came up with 34, 000. And I remember thinking "I wont live long enough to see DOW 34, 000".
I just remembered that when I saw DOW hit 30, 000. And you know what else, it took about 15 years for QE in japan to implode, and we're at the 11 year mark. kinda odd

[youtuub]

her first day on the job would be to print $trillions of dollars for the rich, same old same o'

[reggierichardson]

Congratulations Yellen nothing but money

[Screenfunfacts]

She's not a leggy unqualified blonde from foxnews. Not good.

[AmericanAntiCorruptionAct]

She might be good for blockchain and crypto like Bitcoin.

[catherinerodriguez]

Is she familiar with Modern Monetary Theory??

[barbaradettlinger]

thank goodness someone who knows what she is doing!

[richardjohnson]

Joe Biden be "Yellen" at a Corn Pops Cereal Box at the Cereal Aisle at Safeways.

[michardav]

Warren sold out Bernie for nothing....

[JesusSavesFromSin]

Jesus Christ saves from sin.
Romans 3: 23
For all have sinned, and come short of the glory of God;
Hebrews 9: 27
And as it is appointed unto men once to die, but after this the judgment:
Isaiah 64: 6
But we are all as an unclean thing, and all our righteousnesses are as filthy rags; and we all do fade as a leaf; and our iniquities, like the wind, have taken us away.
Revelation 21: 8
But the fearful, and unbelieving, and the abominable, and murderers, and whoremongers, and sorcerers, and idolaters, and all liars, shall have their part in the lake which burneth with fire and brimstone: which is the second death.
Romans 5: 8
But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us.
John 3: 16
For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.
John 14: 6
Jesus saith unto him, I am the way, the truth, and the life: no man cometh unto the Father, but by me.
Romans 10: 9-10.
That if thou shalt confess with thy mouth the Lord Jesus, and shalt believe in thine heart that God hath raised him from the dead, thou shalt be saved.
For with the heart man believeth unto righteousness; and with the mouth confession is made unto salvation.
Jesus said John 5: 24
Verily, verily, I say unto you, He that heareth my word, and believeth on him that sent me, hath everlasting life, and shall not come into condemnation; but is passed from death unto life.
1John 5: 10-13
He that believeth on the Son of God hath the witness in himself: he that believeth not God hath made him a liar; because he believeth not the record that God gave of his Son.
And this is the record, that God hath given to us eternal life, and this life is in his Son.
He that hath the Son hath life; and he that hath not the Son of God hath not life.
These things have I written unto you that believe on the name of the Son of God; that ye may know that ye have eternal life, and that ye may believe on the name of the Son of God.
Ephesians 2: 8-9
For by grace are ye saved through faith; and that not of yourselves: it is the gift of God:
Not of works, lest any man should boast.
Romans 8: 1
There is therefore now no condemnation to them which are in Christ Jesus, who walk not after the flesh, but after the Spirit.
1 Corinthians 15: 3-4
For I delivered unto you first of all that which I also received, how that Christ died for our sins according to the scriptures;
And that he was buried, and that he rose again the third day according to the scriptures:
2 Corinthians 5: 21
For he hath made him to be sin for us, who knew no sin; that we might be made the righteousness of God in him.

[JuanHernandez-xwci]

This is brilliant.my girl takes care of my finances.simply because I forget to pay bills.females are perfect just watch their shopping🤪

[anthonyg]

We need Janet Yellen to go back to her cave so she can do less damage to the economy with easy money - 0% interest rates. She reminds me of those creatures in the movie 'The Descent'