Biden announces the election of former Fed Chairman Yellen to Treasury Department

US President-elect Joe Biden has proposed former US central bank (FED) Chairman Jannet Jellen to the Treasury Department. Janet Yellen will become the first woman to hold the office in the country's history if she is confirmed in the U.S. Senate.

Joe Biden, the US President-elect, said in a statement that he had chosen Yellen as Treasury Secretary, confirming reports in the US media in recent weeks.

IT WILL BE A FIRST IN THE COUNTRY'S HISTORY

Janet Yellen will become the first woman to hold the post in the country's history if her election to the post is confirmed in the U.S. Senate. It also announced that Biden had chosen Neera Tanden to be director of the White House Office of Budget and management (OMB) and Cecilia Rouse to head the Council of Economic Advisers.

HIS FIRST JOB IS TO ENSURE ECONOMIC RECOVERY

Yellen and others will be tasked with managing the economic recovery after the Coronavirus outbreak. The first challenge Yellen faces will be to prevent the closure of public institutions and reduce the prolonged unemployment queues. Born in New York, Yellen received her Ph. D. from Yale University. Yellen, who worked on labor markets at the Academy, joined the Fed in 1977.