Janet Yellen is now confirmed as the first female Treasury Secretary in United States history. This is an amazing feat for women in this country. Not only do we have the first female Vice President, but now the first female Treasury Secretary. That’s two amazing confirmations that have surely progressed the ability of women to take up space in politics.
Who is Janet Yellen? If you do not know who Janet Yellen is, then you are missing out. Fortunately for you, we will review Janet Yellen’s life and her contributions to the county thus far. We will also look at her new role and what that could do for the country.
About Janet Yellen
Taking a closer look at Yellen, we can see her educational background in relation to her current position. Janet Yellen was born on August 13th, 1946 in Brooklyn, New York. As a young woman in 1967, she graduated summa cum laude in economics from Brown University. In 1971, she later received a Ph.D. in economics from Yale University. Between 1977 and 1978, she worked as an economist for the Federal Reserve Board of Governors.
After her time in school, she went to serve as a lecturer at the London School of Economics and Political Science. She then went on to serve as a faculty member at the University of California-Berkeley. She taught there until 2004 when she was appointed president of the Federal Reserve Bank of San Francisco. Later, she was appointed vice-chair of the Board of Governors of the Fed in 2010. Three years later, former President Barack Obama nominated her as the next head of the Federal Reserve System, where she was then positioned as the first woman to do so.
Her New Role
Yellen will now be serving as the Treasury Secretary of the U.S. This is an amazing position filled with many responsibilities. According to the Cornell Legal Information Institute, the Treasury Secretary must receive and keep money; take recipes for money paid out by the Secretary; give receipts for money deposited in the Treasury; endorse warrants for receipts for money deposited in it; submit the accounts of the Secretary to the Comptroller General every 3 months, or more often if required by the Comptroller General and submit to inspection at any time by the Comptroller General of money in the possession of the Secretary. According to one figure well versed in the position,
It will be her job to help deliver the next round of economic stimulus, or relief, legislation with its steep price tag by lobbying members of the Senate
Sources also say that she is likely to be an advocate for President Joe Biden’s long-term policy goals. These goals being things such as increasing green energy production. Yellen being a member of the Climate Leadership Council, which is an international policy institute, has been supportive of a carbon tax and has testified before Congress about an economic rationale for reducing greenhouse gas emissions. So, anyone could assume that she is very supportive of this plan.
Yellen will also work alongside current Fed Chair Jerome Powell to help support the unstable recovery. According to NBC News, it has begun to flash warning signs as the pandemic continues to surge out of control in many parts of the country.
How She Can Make a Difference
Yellen has an extensive background in economics and most know her for her wanting to use her knowledge and power to benefit the country. So, many economists believe that her role will improve the economy, especially where it’s at right now. For instance, the chief economist at Moody’s Analytics, Mark Zandi, has recently said that “Secretary Yellen will be all about using muscular fiscal policy to support strong economic growth that will benefit even the hardest-pressed low-income and minority households. She has long been an advocate for addressing the income and wealth distribution, and now she will be able to act on it.” Hopefully, Yellen follows through on this plan that Zandi states are one of the issues she supports. Her policies could quite possibly lift the economy out of the state it’s in and bring back the prosperity from before the pandemic.
Yellen has had some experience working with hard economic times. During Obama’s Presidency, policy observers believe her experience with the Fed during a critical part of the economy’s recovery from the Great Recession will benefit her as the pandemic continues to weigh on the economy. Her experience is probably one of the best tools she will have during her time as Treasury Secretary.
The last thing that I will say about Yellen and her potential effect on the next four years is regarding her credibility. NBC News has said that at the Treasury Department, Yellen will be used to put pressure on a sharply divided Congress more directly. It is believed by some that her credibility in politics and the economy along with the strong bipartisan support her nomination received, despite current political division, is evidence that she has enough credibility to be in her position and make a difference.
Though Yellen has yet to begin her real work on the country through her position as Treasury Secretary, things are looking pretty promising.
Let’s Celebrate Her
It’s not every day that a woman makes history in politics. The women who do are often invisible to the mainstream news. So, we should celebrate Janet Yellen for this accomplishment. I am sure she will do a lot for all of America during her time as Treasury Secretary due to her education, experience, and credibility. If you are not already excited for the next four years, then you should be. I believe we have some great things coming down the pipeline very soon!
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