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Confirmation hearing for Biden Treasury pick Yellen slated for next Tuesday

Confirmation hearing for Biden Treasury pick Yellen slated for next Tuesday
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The Senate Finance Committee is scheduled to hold a confirmation hearing for Janet YellenJanet Louise YellenOn The Money: Senators push for changes as chamber nears vote on .9T relief bill | Warren offers bill to create wealth tax OVERNIGHT ENERGY: Texas sues power provider Griddy, alleging deceptive advertising and marketing | More states follow California's lead on vehicle emissions standards | Financial regulators home in on climate risks Warren bill would impose wealth tax on M households MORE, President-elect Joe BidenJoe BidenIntercept bureau chief: minimum wage was not 'high priority' for Biden in COVID-19 relief South Carolina Senate adds firing squad as alternative execution method Obama alum Seth Harris to serve as Biden labor adviser: report MORE's nominee for Treasury secretary, next Tuesday, according to an announcement from committee chairman Chuck GrassleyChuck GrassleyFBI director faces lawmaker frustration over Capitol breach Padilla has 'big Chuck Taylors to fill' in replacing Harris Judiciary Committee greenlights Garland's AG nomination MORE (R-Iowa).

The planned hearing date is one day before Biden's inauguration.

If confirmed, Yellen is expected to play a key role in the new administration's response to the coronavirus-related economic downturn. Yellen, a former chair of the Federal Reserve, would also be the first woman to serve as Treasury secretary.

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Democrats, as well as a number of Republicans and business groups, have spoken positively about her nomination.

Bloomberg News first reported the expected date for Yellen's confirmation hearing.

It's unclear how quickly Biden's Cabinet nominees will be confirmed.

Hearings for two other nominees, Defense secretary nominee Lloyd AustinLloyd AustinPentagon chief calls on military to reaffirm values, ethical conduct Overnight Defense: Tim Kaine moves to claw back war powers authority | Study on sexual harassment and assault in the military Commissioners tasked with scrubbing Confederate base names sworn-in at first meeting MORE and Homeland Security secretary nominee Alejandro MayorkasAlejandro MayorkasHouse plans for immigration bills add uncertainty on Biden proposal The Hill's Morning Report - Presented by Facebook - J&J vax rollout today; third woman accuses Cuomo Biden officials urge patience on immigration amid border surge MORE, have also been scheduled for the day before the inauguration. Aside from needing Senate confirmation, the House and the Senate will both need to approve a waiver for Austin, a retired U.S. Army general, to bypass a law that requires Defense secretaries to have been retired from active military service for at least seven years.

Biden said Monday that he hoped the Senate would be able to split its time between confirming his nominees and any impeachment trial of President TrumpDonald TrumpSouth Carolina Senate adds firing squad as alternative execution method Ex-Trump aide Pierson won't run for Dallas-area House seat House Oversight panel reissues subpoena for Trump's accounting firm MORE.

The House is expected to vote Wednesday on an article of impeachment against Trump that charges him with inciting a mob of his supporters to carry out a violent attack on the U.S. Capitol. A Senate impeachment trial is unlikely to start until after Biden is inaugurated because the upper chamber is out of session until next Tuesday.

Updated: 7:15 p.m.