President-elect Joe Biden said Monday that he plans to nominate former Federal Reserve Board Chairwoman Janet Yellen as Treasury Secretary, according to the Wall Street Journal, a move that could help make her the first female Treasury Secretary.
Fed Governor Lael Brainard and former Fed Vice Chair Roger Ferguson were also being eyed for the job. Sen. Elizabeth Warren, D-Mass., had also been said to be in the running for the post.
Yellen, 74, served as chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014.
Greg Valliere, chief U.S. strategist for AGF Investments, said recently that Warren was likely out as a candidate for Treasury secretary.
“I think they don’t want to give up a seat in Massachusetts; I think there would be concern that [Senate Majority Leader] Mitch McConnell might not go along with her; he might be able to block her nomination,” Valliere explained.
Reactions to Yellen News
Warren tweeted Monday afternoon: “Janet Yellen would be an outstanding choice for Treasury Secretary. She is smart, tough, and principled. As one of the most successful Fed Chairs ever, she has stood up to Wall Street banks, including holding Wells Fargo accountable for cheating working families.”