Biden Taps Former Fed Chair Yellen for Treasury Secretary

President-Elect Joe Biden today announced that he will nominate former Federal Reserve Chair Janet Yellen to serve as Treasury secretary. If confirmed, Yellen would become only the second person to lead both the Fed and Treasury, as well as the first woman to hold the top Treasury post.

Yellen was tapped to serve as Fed vice chair in 2010 by President Obama and was elevated to the role of chairman in 2014. Prior to that, she served as president of the San Francisco Fed. Yellen also previously served as chair of the Council Economic Advisers during the Clinton administration.

American Bankers Association President and CEO Rob Nichols welcomed Biden’s announcement, noting that Yellen’s “past public service as Federal Reserve Board chair and her years of experience in economics prepare her well for the challenges facing the country. Dr. Yellen understands the critical role banks play in the economy, and if confirmed, we look forward to working with her and the rest of the president-elect’s economic team to bolster the recovery and expand opportunities and prosperity for all Americans.”

In addition, Biden also named several other key members of his economic team. Neera Tanden will be nominated as director of the Office of Management and Budget; Wally Adeyemo will be named deputy secretary of the Treasury; and Cecilia Rouse will chair the Council of Economic Advisers. Also joining the council are Jared Bernstein and Heather Boushey.