All you need to know about Janet Yellen, who was chosen by Joe Biden as the first woman to hold the US Treasury Department
US President-elect Joe Biden chose former Federal Reserve Chair Janet Yellen to take over the Treasury Department in his prospective administration.
If approved by the Senate, she would be the first woman to hold the position.
Yellen is among a number of women chosen to occupy prominent economic positions on Biden's team.
Biden's transition team said the president-elect aims to break down racial barriers with these choices.
Biden pledged to form an administration that reflects diversity, and earlier appointed an all-female PR team.
His transition team said his picks for important economic positions would help "pull America out of the current economic downturn and rebuild better."
Biden also announced the formation of a committee responsible for the inaugurating procedures before the upcoming swearing-in on January 20. This committee will be responsible for organizing activities related to the inauguration.
Biden's nominations come as the state of Arizona officially sanctioned his victory in the state. Wisconsin is also expected to ratify the president-elect later on Monday.
President Donald Trump is expected to file legal challenges to the vote in both states.
Who is Janet Yellen chosen by Joe Biden to become the first woman to hold the US Treasury
There was a lot of speculation in the media about Yellen's candidacy for the position before it was announced on Monday.
The 74-year-old economist served as president of the US Central Bank and a senior economic advisor to former President Bill Clinton.
She is credited with helping to manage the economic recovery process after the financial crisis that began in 2007 and the ensuing recession.
During the presidency of the US Federal Reserve, Yellen was known to care about the impact of bank policies on workers and the costs of growing inequality in America.
Trump broke Washington's tradition when he chose not to appoint Yellen to a second four-year term at the Federal Reserve. Since the Bill Clinton administration in the 1990s, American presidents have kept the Fed presidents appointed by their predecessors in an effort to keep the central bank out of politics.
Since leaving the central bank in 2018, Yellen has talked about climate change and the need for Washington to do more to protect the US economy from the impact of the Corona epidemic.
In a tweet after Monday's announcement, Yellen said: "We face huge challenges as a country right now. To recover, we must reclaim the American Dream - a society in which everyone can live up to their potential and dream of more for their children."
"As Treasury Secretary, I will work every day to rebuild this dream for everyone."
The Republican chairman of the Senate Finance Committee, Chuck Grassley, said he expected Yellen to obtain a "favorable position" during his committee hearings.
BBC
