STATEMENT: Janet Yellen Will Bring Decades of Experience and a Commitment to Main Street to the Treasury Department

Washington, D.C. — Today, President-elect Joe Biden announced that he will nominate former Federal Reserve Chairwoman Janet Yellen to be the next Treasury secretary. Following the announcement, Mara Rudman, executive vice president for policy at the Center for American Progress, issued the following statement:

At this precarious moment for our nation’s economy, it is incredibly reassuring to know that Janet Yellen has been chosen to lead the Treasury Department. It is clear that she appreciates the depth and severity of our current economic crisis and is ready to support the bold economic relief that economists agree is necessary to help the nation recover from the crisis. As a former head of the Federal Reserve, she also understands that it is crucial for the Fed to support economic recovery on Main Street, not just Wall Street.

Yellen has a long track record of fighting for strong financial regulation, believes in the importance of unions, and understands the critical need for addressing climate change. It’s also important to note the historic nature of Yellen’s appointment: If confirmed, she will be the first woman in history to serve as Treasury secretary. Yellen’s decades of high-level experience in Washington and her commitment to helping all sectors of our economy rebuild will no doubt accelerate our nation’s economic recovery.

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