Janet Yellen has been confirmed as the first ever female US Treasury secretary. President Biden’s nominee was approved by the Senate voting 84-15 to make her the first woman to lead the department.
"Secretary Yellen’s confirmation shatters another glass ceiling. In a field dominated by men, it’s refreshing to finally see a woman leading the Treasury Department. I look forward to working with her and President Biden to turn our economy around and help millions of Americans get back to work," Senator Dianne Feinstein said. In fact, it is not for the first time that Yellen has been at the helm of a government institution. In 2014, Janet Yellen was appointed Federal Reserve Chair.
A lot is expected from the new Treasury secretary during her tenure. First of all, this is the implementation of Biden’s controversial relief plan aimed at eliminating the consequences of the pandemic. Notably, the $1.9 trillion stimulus package raises many questions among policymakers. Despite Yellen's remarkable victory in the Senate, there are many opponents of this incentive program even among those senators who voted for her.
Janet Yellen must now try to convince lawmakers to increase the US corporate tax rate to 28% and introduce new taxes for households earning more than $400,000 a year. On top of that, she has already said that the government should raise the minimum wage per hour urging Congress to act big and approve more aid. "Without further action, we risk a longer, more painful recession now—and long-term scarring of the economy later," Yellen said.
