Janet Yellen wins Senate approval as treasury secretary

Janet Yellen wins Senate approval as treasury secretary
President-elect Joe Biden, right, listens as Janet Yellen, who Biden nominated to serve as Secretary of the Treasury. Source: AP Photo
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Daily US Times: On Monday, the Senate approved Janet Yellen, President Joe Biden’s nomination of the country’s 78th treasury secretary, making her the first woman to hold the job in the department’s 232-year history.

Yellen was approved by the Senate on a 84-15 vote, becoming the third member of Biden’s Cabinet to win confirmation. All 15 votes against her came from Republicans.

Janet Yellen is expected to play a key role in gaining congressional approval of President Biden’s $1.9 trillion coronavirus aid package, which is running into stiff opposition from Republicans who believe the price tag is too high.

Speaking on the Senate floor before the vote, Chuck Schumer, the Democratic Majority Leader, noted the former Federal Reserve chairwoman had bipartisan support.

Schumer said Yellen has a “breathtaking range of experience” and support for her nomination reflected “just how well suited she is to manage the economic challenges of our time … particularly during this moment of economic crisis.”

Before the approval by the full Senate, the former chair of the Federal Reserve had received unanimous backing from the Senate Finance Committee. Republicans on the panel said they had a number of policy disagreements with the Biden administration and Yellen in such areas as raising taxes on the wealthy and corporations, but believed it was important to allow Biden to assemble his economic team quickly.

As Treasury secretary, the 74-year-old Yellen will occupy a pivotal role in shaping and directing Joe Biden’s economic policies.

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