Just after few days of Joe Biden being inaugurated as the 46th President of the United States, and Kamara Harris as the first female to occupy the Vice President’s office, the nation itself is witnessing some history in the making.
For the first time, the Treasury Secretary’s position will be overlooked by a female, and it’s none other than, Janet Yellen, who was confirmed by the Senate on Monday.
The confirmation came days after she won unanimous support from both Republicans and Democrats on the Senate Finance Committee backing up her appointment to become the next Treasury Secretary.
The Senate voted 84-15 giving tremendous support as the first female to lead the Treasury Department, and she will spearhead President Joe Biden’s administration’s response to the COVID-18 recession.
Lately, Yellen has been heard speaking of how lawmakers should act big in response to this deadly virus that has put millions of Americans out of work and killed more than 430,000 people.
Globally, the coronavirus pandemic has affected over 100 million people with a death toll of more than 2 million. The good news is that there have been recoveries with numbers as high as 72 million people, and COVID-19 vaccine is on route to most affected countries.
The USA is the most affected nation, with more than 25.8 million confirmed cases and deaths surpassing 430K. That’s why the Treasury Department needs someone with urge and willingness to decide on the significant funds to help distribute vaccines and all the monetary requirements to help suppress the virus.
President Biden unveiled a $1.9 trillion COVID-19 package that addressed extended unemployment benefits and aid to local governments and cash-strapped state and another $1,400 relief payment for most Americans.
Without the Treasury Department’s backing, Biden’s administration cannot achieve its COVID-19 eradication programs, and that’s why Janet Yellen comes in to help the team come up with enough funds to fight the coronavirus recession.
Yellen is the Former Federal Reserve Chair and a New York native who received her PhD from Yale University. She has taught different universities in the country, including the London School of Economics, Harvard University, and the University of California, Berkeley.
She had held several offices in the Fed before she became the first woman to be appointed as the chair back in 2014 until 2018. And now, she will become the first woman to head the Treasury Department under Biden’s administration.
Yellen also worked under Clinton’s administration when she led the Council of Economic Advisers.
We believe she received massive support from both parties because she is well-known and respected as a lawmaker. She brings a vast experience in the field with enormous economic challenges.
On Friday, the Senate Banking Committee voted 26-0 during the nomination, and it was a clear indication that the Senate Finance Committee will easily confirm her.
Janet Yellen has replaced Steven Mnuchin, an investment banker, who worked under Former President Donald Trump and being a lawmaker; we expect her to lead Biden’s administration to respond to the coronavirus recession.
Rachel Lott is a Reporter for Chroniclex After graduating from Cuyahoga Community College, Rachel got an internship at USA Evening and worked as a Reporter and Producer. Rachel has also worked as a Reporter for WKYC TV and Fox News Channel. Rachel Covers International Developments.