By JORDYN PHELPS and MOLLY NAGLE, ABC News
(WASHINGTON) — President-elect Joe Biden is expected to name Janet Yellen as his pick for treasury secretary, sources familiar with the matter told ABC News.
If confirmed by the Senate, Yellen, 74, will be the first woman to hold the top job.
Biden’s selection of Yellen is a signal of stability at a time of economic fragility amid the ongoing coronavirus pandemic.
Having previously led the Federal Reserve, Yellen will bring her deep background of experience to the top job at the Treasury Department and will require no on-the-job training.
Yellen will have to hit the ground running on her first day in the job, as one of Biden’s first tasks upon taking office will likely be resurrecting and passing a coronavirus relief package that has for months been stalled on Capitol Hill, as the nation continues to struggle economically amid the ongoing pandemic.
Yellen is seen as a consensus candidate, who is viewed as palatable within the progressive wing of the Democratic Party and is not expected to face strong opposition from Republicans in a Senate confirmation process.
At least one Republican economist has already praised the choice of Yellen. President Donald Trump’s former National Economic Council director Gary Cohn extended his congratulations on Twitter.
“Janet Yellen is an excellent choice for Treasury Secretary. Having had the opportunity to work with then-Chair Yellen, I have no doubt she will be the steady hand we need to promote an economy that works for everyone, especially during these difficult times,” Cohn wrote.
Yellen served as the chair of the Federal Reserve from 2014 to 2018 and was replaced after one term on the job by Trump, who installed current chair Jerome Powell in her place.
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