Janet Yellen gets Senate confirmation as first woman to lead the Treasury Department

Janet Yellen cleared her last hurdle Monday on her historic path to secretary of the Treasury Department, gaining overwhelming Senate confirmation for the key financial place.

The 84-15 vote made Yellen the first feminine to the lead the division, a feat she matched as chair of the Federal Reserve.

After a principally cordial listening to earlier than the Senate Finance Committee, the place she gained unanimous approval, Yellen was thought to be nearly a positive factor for confirmation. However, the vote was delayed a number of days as the higher chamber makes its method by means of the first week of President Joe Biden's administration.

Sen. Ron Wyden, D-Ore., urged his colleagues prior to the vote 841to approve what amounted to a fifth confirmation for Yellen to a authorities management position.

"Tonight, the Senate can deliver an especially important economic judgment: Confirm Janet Yellen a fifth time and know that she will work with every single one of us to get our workers, our small businesses and all Americans from sea to shining sea back on solid economic footing," he mentioned.

Yellen: We don't search to weaken the dollarSquawk Alley

In her new place, Yellen will run an company that shall be charged with supporting Biden's formidable $1.9 trillion stimulus program, which comes simply months after the federal authorities closed out fiscal 2020 with a deficit exceeding $3 trillion.

That persistent purple ink, made far worse by the Covid-19 pandemic and the heaps of presidency spending that has gone to preserve the economic system operating, has resulted in a nationwide debt approaching $28 trillion.

While at the Fed, Yellen was in command of steering the financial coverage that helped preserve financing prices in examine, although she has mentioned that was by no means a consideration when the central financial institution was setting rates of interest.

Yellen earned a fame as a consensus builder at the Fed, a device that may turn out to be useful was she negotiates a divided Congress and a authorities that continues to apply a get-tough coverage with China.

One of the "no" votes, Sen. Dan Sullivan, R-Alaska, mentioned he appreciated Yellen's {qualifications} for the job however was dissatisfied that she didn’t, in a dialog with him, assist a "robust all-of-the-above energy sector."

She mentioned throughout her confirmation that China should proceed to be held accountable for its actions on commerce and human rights.

Yellen additionally garnered some discover when she talked about the want to regulate cryptocurrencies at a time when bitcoin costs have exploded larger.

"I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities. If confirmed, I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations," Yellen mentioned.

Yellen succeeds Steven Mnuchin, who held the Treasury submit for the previous 4 years. Former President Donald Trump selected not to reappoint Yellen to lead the Fed following her time period from 2014-18.

based mostly on website supplies www.cnbc.com

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