Biden’s team expects Janet Yellen to lead the next administration’s economic policy, which will have to navigate the debris left behind by the coronavirus.
As President-elect Joe Biden continues to complete his list of nominees, he elected an Obama era Federal Reserve Chairman to lead his administration’s economic policy.
According to a Wall Street Journal exclusive published November 23, Biden’s team plans to nominate Janet Yellen to serve as Secretary of the Treasury. Obama originally nominated Yellen for the Fed in 2014, where she remained until early 2018.
In a term that aligned with a massive expansion of public awareness of cryptomonics and ended just after The News Spy app dramatic 2017 run-up, Yellen was consistently critical of space, calling Bitcoin „anything but helpful“ in October 2018.
However, times have changed dramatically in just two years. In late 2017, Yellen dismissed the notion that the Fed was looking to issue a digital dollar. Meanwhile, over the course of 2020, the Fed clearly began to take that prospect seriously.
For his part, Yellen seems to have been silent about cryptomonies since he left the Fed and went to work for a panel of experts. Now it remains to be determined what his position is.
If approved by the Senate, Yellen would be the first woman to hold the position of Secretary of the Treasury. She is considered a moderate candidate, although recent public statements suggest that she would be much more willing to expand spending than current Secretary Steven Mnuchin, who recently drew criticism for ending several emergency loan programs.
The Treasury has become increasingly involved with cryptomonies so far this year. Offices within the Treasury including the Financial Crimes Enforcement Network, the IRS and the Office of the Comptroller of the Currency, all of which are regularly in the headlines because of the increased attention they are paying to the area.