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Added on the 30/11/2020 10:31:23 - Copyright : Wochit
US Treasury Secretary Janet Yellen meets with Chinese Vice Premier Liu He in Switzerland. Yellen said close communication between the United States and China on economic issues is vital, ahead of the meeting. IMAGES
US Treasury Secretary Janet Yellen is welcomed by Polish Prime Minister Mateusz Morawiecki on a visit to Warsaw. IMAGES
President-elect Joe Biden is planning to nominate Janet Yellen to head the Treasury Department. Business Insider reports if the US Senate confirms Yellen, she will be the first woman to hold the job. Yellen served as Fed Chair during President Barack Obama's second term, from 2014 to 2017. President Donald Trump replaced her with Jerome Powell as head of the Fed. If confirmed, Yellen will face an immense set of challenges, including the pandemic, unemployment, and widespread housing and food insecurity. With both parties fiercely divided on its size and reach for months, Congress still hasn't approved a second coronavirus economic aid package.
A Morning Consult poll finds that four in five Americans want Biden to prioritize federal aid. The top two concerns of the voters were small business aid and stimulus checks. Respondents also indicated favorability of extending mortgage forbearance policies. They also favored increasing unemployment benefits and raising taxes for the wealthy. Treasury Secretary nominee Janet Yellen affirmed Biden's stance on aid in her confirmation hearing. Biden lists a quick economic recovery from the pandemic at the top of his to-do agenda.
Massachusetts senator and failed Presidential candidate Elizabeth Warren lobbied Joe Biden to become his treasury secretary. In a humiliating snub heard around the political world Biden chose former FED chair Janet Yellen over Warren as his Treasury Secretary. Chris Cillizza of CNN said there are several reasons Warren will never be America's Treasury Secretary. Warren in the Cabinet would allow Mass. GOP Gov. Charlie Baker to appoint a temporary replacement for her in the Senate. Warren's vision for big structural change doesn't fit Biden's pragmatic approach. Warren would have spooked Wall Street. Warren might not get confirmed by the Senate.
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