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Biden to pick Janet Yellen for Treasury secretary

November 23, 2020. Summarized by summa-bot.

WASHINGTON, DC - DECEMBER 13: Federal Reserve Chair Janet Yellen speaks during her last news conference in office December 13, 2017 in Washington, DC. Yellen announced that the Federal Reserve is raising the interest rates by a quarter point to 1.5%. (Photo by Alex Wong/Getty Images)

President-elect Joe Biden will choose Janet Yellen, former chair of the Federal Reserve, as his secretary of the Treasury, according to a source with knowledge of the pick.

(CNN)President-elect Joe Biden will choose Janet Yellen, former chair of the Federal Reserve, as his secretary of the Treasury, according to a source with knowledge of the pick.

Yellen, who will be the first woman to hold the job should she be confirmed by the Senate, will be tasked to lead Biden's economic response to the coronavirus pandemic, which has wreaked havoc on the economy and led millions of Americans to lose their jobs.

Yellen, after a long career in academia and different federal reserve roles, was nominated by President Barack Obama to become chair of the Federal Reserve -- the first woman to hold the position -- in a role she filled from 2014 to 2018.

President Donald Trump opted not to renominate Yellen during his first year in office, instead nominating Jerome Powell to take the top job.

Biden had said that his pick to be Treasury secretary would attract broad support from different corners of the Democratic Party.

And Republicans, who may control the Senate in January, have previously backed Yellen, including in her nomination to Fed Chair.

Yellen's confirmation would be in line with Biden's pledge to build a diverse Cabinet.

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