The US Senate, by a Democratic majority, confirmed Monday January 25, 2021, to the former Federal Reserve chief, Janet YellenAs Minister of Treasury, after being nominated by the Head of State, Joe Biden.
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Yellen was confirmed in her position in a vote in the Senate, where she achieved the simple majority she needed by 84 votes, 15 against.
That way, it becomes First woman to head the Treasury in its 230-year historyAdditionally, she is the first Secretary of the Treasury to also hold the chair of the Federal Reserve, a position she held between 2014 and 2018.
At her hearing last week before the Senate Finance Committee, Yellen asked Congress for a major fiscal stimulus to mitigate the effects on the pandemic’s economy, while citing “China’s abusive practices” in trade and technology as one of the major economic challenges.
“Economists don’t always agree, but I think there is a consensus now: without further measures, we risk a longer and more painful recession and long-term scars on the economy later,” Yellen said.
Biden unveiled an ambitious fiscal stimulus plan for $ 1.9 trillion, Which includes new direct transfers for citizens, provisions to boost federal unemployment benefit and additional funds to distribute vaccines.
The bill plans to increase the federal minimum wage to $ 15 an hour and provide $ 350 billion in emergency funding for state and local governments.
The key, however, is in Congress, which must approve the proposal.
Democrats have majorities in the House and Senate, but in the Senate the matter is so tough that a tough legislative battle is expected.
Regarding China, the esteemed economist was tougher during the hearing before the Senate Finance Committee than she had been during her tenure at the head of the US central bank.
He strongly criticized “arbitrary policies” in trade and technology transfer by China, which he viewed as the “main strategic competitor” of the United States.
Yellen is the third candidate by Biden to be confirmed by the Senate for government office, after Avril Haines, who secured House approval as director of National Intelligence, and General Lloyd Austin, for the position of Defense Secretary.
With information from EFE
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