On The Money: Senate confirms Yellen as first female Treasury secretary | Biden says he's open to tighter income limits for stimulus checks | Administration will look to expedite getting Tubman on $20 bill

Happy Monday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL—Senate confirms Yellen as first female Treasury secretary: The Senate on Monday confirmed Janet YellenJanet Louise YellenOn The Money: Centrists gain leverage over progressives in Senate infrastructure battle | White House rules out gas tax hike Inflation concerns spark new political fights Irish finance minister seeks compromise on global minimum tax MORE as the first woman to lead the Treasury Department, where her immediate priority will be addressing the coronavirus recession.

Yellen, a Democrat, was confirmed by the Senate 84-15, with broad bipartisan support. All 15 no votes came from Republicans.

• Yellen brings a wealth of policy experience to her new position. She served as chair of the Federal Reserve from 2014 to 2018,  the first woman to hold that position, and was head of the Council of Economic Advisers during the Clinton administration.
• She is the third of Biden’s Cabinet nominees to be confirmed, following Director of National Intelligence Avril HainesAvril HainesFBI warns lawmakers of violence from QAnon conspiracy theorists Concerns grow over China's Taiwan plans Lawrence Livermore report finds Wuhan lab leak theory plausible MORE and Defense Secretary Lloyd AustinLloyd AustinOvernight Defense: Pentagon pulling some air defense assets from Middle East | Dems introduce resolution apologizing to LGBT community for discrimination | White House denies pausing military aid package to Ukraine Pentagon pulling 'certain forces and capabilities,' including air defenses, from Middle East US officials: Iranian ships changing course away from Venezuela MORE.
• The Senate Finance Committee unanimously approved Yellen’s nomination last week, with Democrats and even Republicans touting her qualifications despite GOP opposition to much of President Biden’s economic agenda.

The Hill’s Niv Elis, Naomi Jagoda and I have more here.

The crisis that awaits her: Yellen’s top priority as Treasury secretary is to address the economic downturn caused by the coronavirus pandemic.

• During her confirmation hearing, she advocated for a $1.9 trillion relief package floated by Biden that includes enhanced unemployment benefits, $1,400 direct payments, funds for vaccine distribution, and aid to state and local governments.
• Republicans have indicated opposition to the size of the package and its impact on the national debt. Yellen has countered that the risks of too little stimulus are larger than the risks of too much government spending at this stage in the pandemic.

LEADING THE DAY

Biden says he's open to negotiating income limits for stimulus checks: President Biden said Monday that he's open to negotiating the income limits for a new round of stimulus payments, as he seeks to enact a coronavirus relief package early in his presidency.

"This is all a bit of a moving target in terms of the precision with which this goes," he said at an event where he signed an executive order aimed at increasing federal procurement of American-made goods.

Some lawmakers have expressed concerns that the direct payments in Biden’s relief bill might not be targeted enough to those most in need, and could go to some high-income families. 

"There's legitimate reason for people to say, 'Do you have the lines drawn the exact right way. Should it go to anybody making over x number of dollars or y," Biden said. "I'm open to negotiate those things."

Naomi tells us where things stand here.

Biden administration will look to expedite getting Tubman on $20 bill: The Biden administration is looking at ways to speed up the process of putting Harriet Tubman's image on the $20 bill after the effort stalled under the Trump administration.

"The Treasury Department is taking steps to resume efforts to put Harriett Tubman on the front of the $20 notes," White House press secretary Jen PsakiJen PsakiOvernight Defense: Pentagon pulling some air defense assets from Middle East | Dems introduce resolution apologizing to LGBT community for discrimination | White House denies pausing military aid package to Ukraine White House denies pausing military aid package to Ukraine Joe Rogan slams CNN's Stelter: 'Your show is f---ing terrible' MORE said during a briefing with reporters.

"It’s important that our notes, our money … reflect the history and diversity of our country, and Harriet Tubman’s image gracing the new $20 note would certainly reflect that," she added. "So we’re exploring ways to speed up that effort."

The background:

• The Treasury Department announced in April 2016, during the Obama administration, that Tubman would replace former President Andrew Jackson on the front of the $20 bill. 
• Then-Treasury Secretary Jack LewJacob (Jack) Joseph LewThe Hill's Morning Report - Biden argues for legislative patience, urgent action amid crisis On The Money: Senate confirms Yellen as first female Treasury secretary | Biden says he's open to tighter income limits for stimulus checks | Administration will look to expedite getting Tubman on bill Sorry Mr. Jackson, Tubman on the is real MORE said at the time that a design for the new bills featuring the civil rights icon could be unveiled in 2020, in time for the centennial of the passage of women's suffrage.

But the initiative hit a wall under the Trump administration. Former Treasury Secretary Steven MnuchinSteven MnuchinDemocrats justified in filibustering GOP, says Schumer Yellen provides signature for paper currency Biden's name will not appear on stimulus checks, White House says MORE told lawmakers in 2019 that the effort to put Tubman on the $20 bill would be delayed until 2028.

Former President TrumpDonald TrumpWhite House denies pausing military aid package to Ukraine Poll: 30 percent of GOP voters believe Trump will 'likely' be reinstated this year Black Secret Service agent told Trump it was offensive to hold rally in Tulsa on Juneteenth: report MORE himself had expressed opposition to putting Tubman on the $20 bill at the time it was first announced, calling it "pure political correctness" during the 2016 campaign.

Here’s more from The Hill’s Brett Samuels. 

ON TAP TOMORROW: 

• The Senate Commerce Committee holds a confirmation hearing for Gina RaimondoGina RaimondoTime to tackle the pandemic's economic disruptions Chinese apps could face subpoenas, bans under Biden executive order: report US, EU establish trade and technology council to compete with China MORE to be secretary of Commerce at 10 a.m.
  
• Modern Credit Systems, Alternative Data & the American Dream: For many Americans who lack access to traditional credit, the traditional markers of stability and success may remain out of reach. Some have suggested incorporating alternative data like cell phone, utility, and rent payments in credit scores. What guardrails can ensure consumer protection? Can alternative data be used to increase access to credit for underserved families? What needs to be done for lenders to become comfortable using alternative data in credit underwriting? Suze Orman, John Hope Bryant, Reps. Joyce BeattyJoyce Birdson BeattyUsher attends Juneteenth bill signing at White House Advocates warn against complacency after Chauvin verdict Democrats demand Biden administration reopen probe into Tamir Rice's death MORE (D-OH) and Patrick McHenryPatrick Timothy McHenryHouse fails to pass bill to promote credit fairness for LGTBQ-owned businesses McCarthy unveils House GOP task forces, chairs On The Money: House panel spars over GameStop, Robinhood | Manchin meets with advocates for wage | Yellen says go big, GOP says hold off MORE (R-NC) headline a conversation on modernizing the credit system. RSVP today

GOOD TO KNOW

• Stocks closed with mixed results Monday, with the Nasdaq jumping and the Dow Jones Industrial Average falling, as President Biden embarked on his first full week in office.
• President Biden is facing tough choices on trade policy after four years of rising tensions, steep tariffs and isolationism from former President Trump. 
• House Democrats are looking to introduce a bill that would permanently expand benefits to families with children. 
• A United Nations trade agency reported that China surpassed the U.S. as the largest recipient of foreign direct investment (FDI) in 2020.
• The Washington Post: “Shutdowns by Democratic governors did not cause the pandemic jobs crisis”

ODDS AND ENDS

• The Biden administration on Monday signaled that it will continue to "hold China accountable" on technology-related concerns, though final decisions around its stance on social media app TikTok and telecom group Huawei have not yet been made. 
• Google workers are forming a global union alliance in an effort to hold the tech giant accountable, the group announced Monday.