Janet Yellen overcame her last hurdle on Monday on her historic path to becoming secretary of the Treasury Department, obtaining overwhelming confirmation from the Senate for the key economic position.
The 84-15 vote made Yellen the first woman to lead the department, an achievement she equated as president of the Federal Reserve.
After a cordial hearing before the Senate Finance Committee, where he obtained unanimous approval, Yellen was considered almost certain for confirmation. However, the vote was delayed a few days, as the upper house advances in the first week of President Joe Biden’s administration.
Senator Ron Wyden, D-Ore., Urged his colleagues before the 841 vote to approve what represented a fifth confirmation for Yellen for a government leadership role.
“Tonight, the Senate can issue an especially important economic judgment: confirm Janet Yellen for the fifth time and know that she will work with each of us to put our workers, our small businesses and all Americans from a sea to a brilliant sea of back to solid economic base, “he said.
In his new role, Yellen will head an agency charged with supporting Biden’s ambitious $ 1.9 trillion stimulus program, which comes just months after the federal government ended fiscal year 2020 with a deficit of more than $ 3 trillions.
That persistent red ink, exacerbated by the Covid-19 pandemic and the heaps of government spending that was used to keep the economy going, resulted in a national debt of nearly $ 28 trillion.
While at the Fed, Yellen was responsible for directing the monetary policy that helped keep financing costs in check, although she said that was never taken into account when the central bank was setting interest rates.
Yellen has earned a reputation as a consensus builder at the Fed, a tool that will be useful if she negotiates a divided Congress and a government that continues to pursue a policy of tightening with China.
With one “no” vote, Senator Dan Sullivan, R-Alaska, said he appreciated Yellen’s qualifications for the job, but was disappointed that she, in a conversation with him, did not support a “robust all-from-above” energy sector. “
She said during her confirmation that China should continue to be held accountable for its actions on trade and human rights.
Yellen also received some attention when he talked about the need to regulate cryptocurrencies at a time when bitcoin prices exploded.
“I think we need to look closely at how to encourage its use for legitimate activities and, at the same time, restrict its use for evil and illegal activities. If confirmed, I intend to work closely with the Federal Reserve Board and other federal banks and regulators of titles to learn how to implement an effective regulatory framework for these and other fintech innovations, “said Yellen.
Yellen succeeds Steven Mnuchin, who has held the position of Treasury for the past four years. Former President Donald Trump chose not to rename Yellen to lead the Fed after his 2014-18 term.