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Yellen Under Consideration by Biden Team for Treasury Secretary

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Former Federal Reserve Chair Janet Yellen is under consideration to be President-elect Joe Biden’s Treasury secretary, according to people familiar with the matter, joining other possible contenders.

Yellen has withdrawn from at least one upcoming speaking engagement because she is now in contention for Treasury secretary, one of the people familiar with the matter said. The people spoke on the condition of anonymity.

Biden has promised to pick a diverse cabinet, which means he could choose the first Black or female Treasury secretary in history. His team is also eyeing Fed Governor Lael Brainard and former Fed Vice Chair Roger Ferguson for the job, Bloomberg News reported in September.

Biden is launching his transition efforts to shape the new administration, but he is still weeks away from making cabinet nominations, his transition team said Friday. He met earlier this week to discuss cabinet nominations with close advisers, according to transition official Jen Psaki.

See: Bharara Is a Candidate to Run SEC, Putting Wall Street on Edge

A spokesman for the Biden transition team said it was not making any new personnel decisions yet.

Since at least August, when Biden accepted the Democratic nomination, Yellen has been among a group of economists who have briefed Biden on the state of the economy.

Yellen, now a distinguished fellow in residence at the Brookings Institution, was appointed by President Barack Obama as the first woman to serve as Fed chair. She held the job for one term before President Donald Trump appointed Jerome Powell.

A Brookings spokesperson did not immediately reply to a request for comment about Yellen.

Related: 6 Reasons Biden Is Stepping Into a Dream Economic Scenario

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