Biden touches Yellen to lead the rescue economic team

President-elect Joe Biden announced Monday he would appoint former Federal Reserve chairman Janet Yellen to head the treasury, putting on top of a table of economic officials who would break racial and gender barriers in the U.S. government.

The introduction of Biden’s economic team comes after runner-up Kamala Harris came into history as the first woman, the first black man and a man of South Asian descent to win the vice presidency.

If approved by the Senate, Yellen will be the first female finance minister, and the first African Americans to join the executive branch, who is deputy and head of the White House Economic Council, and the first in South Asia in a key budget role.

“As a country, we now face great challenges. To recover, we must restore the American dream – a society where all people can realize their potential and dream even bigger for their children,” Yellen tweeted after the announcement.

“As Minister of Finance, I will work every day to rebuild this dream for everyone.”

The number one job for the 74-year-old, who previously served as the first female leader of the Federal Reserve from 2014 to 2018, will help the U.S. economy recover from the sudden slowdown in growth and mass layoffs caused by the Covid-19 epidemic. .

Unless lawmakers are able to overcome their differences in the final weeks of the year, it will likely be tasked with convincing Democrats and Republicans in Congress to pass another spending bill for the recovery amid months of deadlock in new aid.

“As we work to curb the virus, this team will provide immediate economic assistance to the American people during the economic crisis and help us rebuild our economy more than ever before,” Biden said in a statement announcing his appointment.

He stressed that he strives for diversity while electing staff when he takes office in January.

Biden continued to name his team despite Donald Trump’s continued unwillingness to admit defeat, as well as unfounded allegations of voter fraud repeatedly rejected by the courts.

However, the reality is closing step by step over Trump, and on Monday, two more key states – Wisconsin and Arizona – confirmed their election results that Biden won there.

The Electoral College is quite certain to shape Biden’s national victory when it meets on December 14th.

– The confirmation in question? –

Yellen’s nomination was first reported last week, and Biden and Harris will present the nominees at a Tuesday event.

Chuck Grassley, the Republican senator currently in charge of the Finance Committee, who would hold a confirmatory hearing on Yellen if the party maintained its current leadership of the chamber after Georgia’s two elections in January, told reporters it was likely to receive a “favorable opinion.”

Many of the others on Biden’s economic team are veterans of former President Barack Obama’s administration.

Nigerian-born Wally Adeyemo, a former deputy national security adviser and current president of the Obama Foundation’s nonprofit, has been elected deputy finance minister. He would be the first African American in this role.

Neera Tanden, president of the Liberal Brain Trust in American Progress, has been elected head of the Office of Administration and Budget. If confirmed, he will be the first South Asian leader.

However, Tanden – a former adviser to Hillary Clinton who lost to Trump in the 2016 presidential election – is criticized by both conservatives and progressives, which could jeopardize the chances of the Senate being ratified.

Cecilia Rouse, dean of the Princeton School of Public and International Affairs, has been named president of the Council of Economic Advisers (CEA), who would be the first African-American in this position.

Jared Bernstein, who previously advised Biden when he was vice president of Obama, will join the CEA, as will Heather Boushey, president of the Washington Center for Equal Growth.

Yellen will be Secretary to the Secretary of the Treasury from Steven Mnuchin, who worked with Congress in March to pass the $ 2.2 trillion CARES law, which expanded unemployment payments and offered loans and subsidies to small businesses.

These measures were seen as key to protecting the U.S. from an even worse economic slowdown, but expired in the summer, and despite talks with Mnuchin, Democrats running the House and Senate senators could not agree on how much to spend or what to spend.

A study by the Progressive Brain Trust, the Century Foundation, revealed last week that 12 million Americans will receive funding from government programs expiring at the end of the year.

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