Yellen To Serve as Secretary of Treasury Under Biden - Brown Grad Formerly Chaired Fed

Yellen To Serve as Secretary of Treasury Under Biden - Brown Grad Formerly Chaired Fed

The Wall Street Journal is reporting that President-elect Joe Biden will nominate former Federal Reserve Chairwoman Janet Yellen to become the next Treasury secretary.

“If confirmed by the Senate, Ms. Yellen would become the first woman to hold the job. Mr. Biden’s selection positions the 74-year-old labor economist to lead his administration’s efforts to drive the recovery from the destruction caused by the coronavirus pandemic.

Ms. Yellen, who was the first woman to lead the Fed, would become the first person to have headed the Treasury, the central bank and the White House Council of Economic Advisers. Ms. Yellen declined to comment by phone on Monday.”

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Brown University President Christina Paxson, said in a statement, “We are very proud that a Brown alumna is expected to lead the Treasury Department in the new administration. As a distinguished economist with a long and strong record of public service, Janet Yellen is superbly qualified for this position.”
 

Yellen was featured in a GoLocal story about a sweeping array of Brown grads who are leading in business in the United States.

"Mr. Biden’s economic team is set to confront a grim outlook, with millions of Americans still out of work and job growth slowing after a sharp bounceback when businesses reopened in May, June and July. Economists at JPMorgan Chase & Co. said last week they expect the U.S. economy to contract slightly in the first quarter of 2021 due to rising virus infections," reports the WSJ.

Governor Gina Raimondo was reported by one media outlet to be under consideration for the post.

Updated at 7:30 PM