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Janet Yellen becomes the first female Treasury chief

Janet Yellen becomes the first female Treasury chief

January 26, 2021:Janet Yellen, the first woman to lead the Federal Reserve during her tenure from 2014 to 2018, now became the first woman to head the U.S. Treasury Department on Monday. This appointment will position her to promptly work on President’s economic plan. The aim is to recover and offer relief to Americans devastated by the COVID-19 pandemic.

As Treasury secretary, Yellen will look upon tax collection to public-debt management to implement international sanctions.

“I think she’ll bring a little calm,” says Carl Tobias, a law professor at the University of Richmond and an expert on congressional politics.

Yellen brings a bias toward fighting unemployment and a reputation as a consensus builder who can bring together opposing factions.

Yellen, aged 74, faces a vortex of challenges. The development from the pandemic-induced recession is slowing, and the outbreak is surging across the U.S.

Yellen will help make Biden’s plan to spend trillions on upgrading the nation’s infrastructure, building a clean economy, and provide fees-free community college, among other bold spending proposals.

Yellen will also be Biden’s point person on the budget and a deficit that has tripled to a record $3.1 trillion this year because of the government’s previous stimulus in response to the health crisis and related business shutdowns that led to the recession.

“Even under current conditions, I think we can afford to increase federal spending or cut taxes to stimulate the economy if there’s a downturn,” Yellen said at the American Economic Association annual meeting.

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