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Biden considering Yellen as possible Treasury secretary: report

Biden considering Yellen as possible Treasury secretary: report
© Camille Fine

President-elect Joe BidenJoe BidenHarris says she has 'not yet' spoken to Pence Kamala Harris, Stacey Abrams among nominees for Time magazine's 2020 Person of the Year Obama: Republican Party members believe 'white males are victims' MORE is considering former Federal Reserve Chair Janet YellenJanet Louise YellenMnuchin to put 5B in COVID-19 relief funds beyond successor's reach Biden soars as leader of the free world The Hill's Morning Report - Presented by the UAE Embassy in Washington, DC - COVID-19 fears surround Thanksgiving holiday MORE to be his Treasury secretary, Bloomberg News reports.

According to Bloomberg, people familiar with the matter say Yellen is among Biden's contenders for the position and noted that she has canceled at least one upcoming speaking engagement as she is considered. 

The other Treasury names on Biden's list reportedly include Fed Governor Lael Brainard and former Fed Vice Chair Roger Ferguson. 

Biden has announced that Ron Klain would be his chief of staff, but otherwise has not yet made any major cabinet or personnel decisions yet.
 
Former President Obama appointed Yellen to be his Federal Reserve chair, which she held for one term. President TrumpDonald John TrumpUSAID administrator tests positive for COVID-19 Kamala Harris, Stacey Abrams among nominees for Time magazine's 2020 Person of the Year DOJ appeals ruling preventing it from replacing Trump in E. Jean Carroll defamation lawsuit MORE then appointed Jerome Powell to the position, and has frequently clashed with him over his decisions at the central bank. 
 
During the campaign, Yellen briefed the Biden team on economic issues after the fallout from the coronavirus pandemic. She has advised lawmakers to pass another stimulus relief package, warning that the U.S. could face deep and permanent damage to the economy without one.
 
Biden's Treasury secretary would likely be involved in responding to the pandemic as well as crafting Biden's tax plan.
 
The former vice president is calling for higher taxes on the wealthy and corporations, while also putting forth plans to provide and expand tax credits for lower- and middle-income families