US Government has confirmed Janet Yellen as the first-ever US treasury secretary in a voting of Senate. Ms Yellen has headed the US central bank from the year 2014 to the year 2018. She won the bipartisan support of the Senate Finance Committee. It is now Ms Janet Yellen’s responsibility to guide the Biden administration’s response to the pandemic- economically. The States is striving to bounce back economically from the hit caused by the pandemic.
At her confirmation hearing held on the 19th of January, Ms Janet urged the Congress to fund trillions more to the relief fo pandemic, and economic stimulus. She encouraged so by stating that the congressmen should ‘act big’ without bothering about the national debt.
In response, the Republican senators warned Janet that this wasn’t the time for a ‘laundry list’ of liberal betterment.
The former Federal Reserve stated disagreeing to the statement by highlighting the fact that many families’ income has fallen have not reached by the jobless programmes. She argued that the plans to raise tax must be seen in the context of financing more significant investments. She further stressed that the focus is not on tax increases but on programmes that will help us get through the pandemic.
Who is Janet Yellen?
Before becoming the first-ever female treasury secretary of the US, Ms Yellen was chair of the US Federal Reserve. She was known for shifting more focused attention on the impact of the central bank’s policy on workers. Before then former President Barack Obama named her to lead the Fed in 2014.
Her rise to the top of the economic profession had made her feminist figure in the realm of economics. When she left the Fed in 2018, many paid tribute to her leadership by mirroring her blazer’s signature look with a popped collar.
Ms Yellen is seen as someone who can satisfy both the lenient and centrist comrades of the Biden’s Democratic party. Her designation to lead the Fed in the year 2014 won aid from a few Republicans. Ms Yellen converges on employment rather on inflation, which has given her a reputation for supporting low-interest rates. This low rate drives economic activities by making it less expensive to borrow money. However, under her leadership, the Fed raised interest rates the first time since 2008, though less intrusively than some more conventional commentators supported.
