Janet Yellen, nominated for Secretary of the Treasury, Joe Biden, President-elect of the United States, speaks as Biden announces candidates and appoints to serve on his economic policy team at its transition headquarters in Wilmington, Delaware, USA, 1 December 2020.
Leah Millis | Reuters
Janet Yellen’s historic move to head the Treasury Department took a key step forward Friday morning after she easily approved a major Senate vote.
Along with the raft of experience he brings with her, the appointment would make Yellen the first woman to hold the position. Previously, she was the first woman to lead the Federal Reserve.
The Senate Finance Committee on Friday approved President Joe Biden’s move to nominate Yellen as secretary of the treasury, sending the nomination by a 26-0 vote.
“We are proud to now have the first woman to be secretary of the United States Treasury,” said Sen. Maria Cantwell, D-Wash. “I really hope he can lead a new day at the Treasury to focus on the Main Street workforce issues, workforce training and the important aspects of the recovery of the American economy and getting people back to work.”
Yellen is still facing confirmation from the entire Senate. Indications are that Yellen’s name will go to the Senate before closing on Friday.
The committee’s vote came with little debate or disagreement, similar to its confirmation hearing earlier this week. Senator Ron Wyden, D-Ore., Said Yellen is “effectively an NBA All-Star when it comes to eliminating the Senate nomination process.”
Indeed, Yellen also sailed in this process, when she was twice appointed to the Fed’s Board of Governors. Yellen was also the first woman to chair the Council of Economic Advisers under former President Bill Clinton.
Emphasis on bipartisanship
The chairman of the committee, Sen. Chuck Grassley of R-Iowa, said the swift pursuit of Yellen’s appointment was part of a Republican effort to tame some of the partisan resentment that had swept Washington during former President Donald Trump’s term.
“Unfortunately, I cannot say that similar treatment was given to all candidates in the previous administration,” Grassley said. He added that Yellen’s nomination treatment “signals my interest and I know all my fellow Republicans in working cooperatively and bipartisanly … We are not interested in cancerous cultural wars that only serve to divide the nation.”
If it gets the confirmation, it will put it in a critical position to execute the economic agenda of the democratic administration.
The new president is already stuck in a congressional confusion over his $ 1.9 trillion proposed spending plan. Approval could be a few weeks away, and Biden is unlikely to get the full price.
Part of Yellen’s job will be to keep the proposal through Congress, where he is likely to face substantial resistance.
“I strongly disagree with Dr. Yellen on a number of his positions, especially in the areas of fiscal policy,” said Sen. Mike Crapo, R-Idaho. “But she has committed herself to us working with us on these issues and the concerns we have, and I think the strong vote on our part to support her today is an indication that we want to commit.”