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Janet Yellen cleared her final hurdle Monday on her historic path to Secretary of the Treasury Department, securing overwhelming confirmation from the Senate for the key economic position.
The 84-15 vote made Yellen the first woman to head the department, a feat she matched as chairman of the Federal Reserve.
After a mostly cordial hearing before the Senate Finance Committee, where it obtained unanimous approval, Yellen was considered an almost certain thing for confirmation. However, the vote was delayed for a few days as the Upper House passed through the first week of President Joe Biden’s administration.
Senator Ron Wyden, D-Ore., Urged his colleagues ahead of the 841 vote to endorse what amounted to a fifth confirmation for Yellen to a government leadership role.
“Tonight the Senate can make a particularly important economic judgment: confirm Janet Yellen a fifth time and know that she will work with each of us to bring our workers, our small businesses, and all Americans back from sea to shining sea. economic base, ”he said.
In his new role, Yellen will lead an agency that will be tasked with supporting Biden’s ambitious $ 1.9 trillion stimulus package, which comes just months after the federal government’s fiscal 2020 close with a deficit. over $ 3 trillion.
This lingering red ink, made worse by the Covid-19 pandemic and huge government spending on sustaining the economy, has resulted in a national debt approaching $ 28 trillion.
At the Fed, Yellen was in charge of directing monetary policy that kept funding costs under control, although she said that was never a consideration when the central bank set interest rates.
Yellen has earned a reputation as a consensus builder at the Fed, a tool that will come in handy if it negotiates a divided Congress and a government that continues to be tough on China.
One of the ‘no’ votes, Sen. Dan Sullivan, R-Alaska, said he appreciated Yellen’s qualifications for the job, but was disappointed that she didn’t, during a conversation with him. , supported an ‘all of the above robust. energy sector. “
She said during her confirmation that China should continue to be held accountable for its actions on trade and human rights.
Yellen was also noticed when she spoke about the need to regulate cryptocurrencies at a time when bitcoin prices have skyrocketed.
“I think we need to take a close look at how to encourage their use for legitimate activities while limiting their use for malicious and illegal activities. If this is confirmed, I intend to work closely with the Federal Reserve and other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations, ”Yellen said.
Yellen succeeds Steven Mnuchin, who has served as Treasury for the past four years. Former President Donald Trump chose not to re-appoint Yellen as the head of the Fed after his 2014-18 term.
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