Janet Yellen first woman to be sworn in as Treasury secretary
Janet Yellen became the first woman to head the US Treasury
Janet Yellen was confirmed by the U.S. Senate as Treasury Secretary, making her the first woman in American history to hold the post..
As the head of the Ministry of Finance, she will be entrusted with leading $ 1.9 trillion national economic recovery plan through Congress and monitor its implementation. This plan includes 1,400 stimulus measures, expansion of unemployment benefits and increased funding for testing and vaccination against Covid-19..
In the time of the confirmation hearing last week Janet Yellen strongly supported the size and scale of the plan put forward Joe Biden, stating that the first priority of the new administration should be for the country and its people to go through the complexities of the pandemic before addressing other issues, including growing budget deficit of the country or tax increases.
«Now that interest rates are at historic lows, the smartest thing we can do is act big.», – she told the Senate Finance Committee.
Yellen has made it clear that her top priority will be to help those who need her most — especially to ordinary workers and families who hardest hit by the economic downturn.
Senate Confirms Janet Yellen as First Female Treasury Secretary
«The pandemic caused widespread devastation, hitting Americans hard. We want our response to be as damaging to the virus», – Yellen said.
The Senate Finance Committee on Friday approved her candidacy unanimously (26-0).
«It is difficult to imagine a better prepared candidate for the current tasks», – wrote her predecessors as Minister of Finance.
This is not the first time Yellen has entered the history of American personnel decisions. In 2014, she became the first woman to head the Federal Reserve System. She will now be the first person ever to head three of the most powerful economic bodies in government: the Treasury, the Fed, and the White House Council of Economic Advisers..
«Janet Yellen has a brilliant reputation. She seems to be popular in all circles, from market officials to ordinary Americans.», – said Greg Vallière, chief U.S. political strategist at AGF Investments when her candidacy hit the headlines in November.