Another notable member of Biden’s cabinet, Janet Yellen, an economist with a lengthy resume, now sits as the first female Secretary of the Treasury.
Not only is Yellen a fantastic pick to promote the interest and credibility of women economists, but she’s also respected both on Wall Street and in academia (Kyle, 2020). Educated at Brown and Yale–and being the only woman in her 1971 class to receive a doctorate in economics–Yellen went on to teach at Harvard and UC Berkley.
In addition to a successful teaching career, Yellen is the first person in American history to have led the White House Council of Economic Advisors, the Federal Reserve, and the Treasury Department (Dept. of Treasury). In 2008, Yellen helped manage the financial crisis and recession as the first female President of the Federal Reserve Bank in San Francisco (Dept. of Treasury).
Throughout her career, she has focused on macroeconomics and labor market issues, specifically focusing on fair wages and unemployment. Growing up in Brooklyn, New York, Yellen is the daughter of a middle-class family. Her father, a doctor, often saw patients from his home office charging them the small fee of $2 or less if they were unemployed. Her upbringing encouraged her economic interests as an economist for the people. Yellen’s focus, according to her words and actions, lies on Main Street, not Wall Street. “Economics should be about caring for real people,” Yellen said (Foroohar, 2020). Her job, she said, was more than fighting inflation or monitoring the financial system. “It’s about trying to help ordinary households get back on their feet and about creating a labor market where people can feel secure and work and get ahead” (Foroohar, 2020).
Accordingly, Yellen is a phenomenal pick during an unemployment and market crisis. Yellen has a reputation on both sides of the political aisle as a data-driven and non-ideological economist and problem solver (Kyle, 2020). Her centrist and flexible views have made her an excellent pick for both political parties, a piece, perhaps, in President Biden’s push for unity. In response to the pandemic, the new secretary has made her willingness for strong fiscal support apparent, an essential view of the department of treasury in the aftermath of economic downturn and loss.
Her impressive resume and overall bi-partisan support are imperative for the challenging task ahead: restoring the economy and lowering the unemployment rate. In fact, Isaac Boltansky, the director of policy research at Compass Point Research and Trading said, “Whoever’s in that role, they’re going to be a virus-fighter first and a treasury secretary second” (Stewart,2020).
Yellen has helped pave the way for hundreds of women at home and abroad in pursuit of executive-level economic and financial positions. Being the first woman in multiple positions throughout her career, Yellen will not be the last. Throughout the Biden administration, racial and gender diversity has been recognized and celebrated. His all-female communications team and historically diverse cabinet are notable, but lack in comparison globally. However, in America, historic appointees like Yellen lay the groundwork for the future women of Washington.
Sources
Foroohar, Rana. “Janet Yellen Is the Right Woman for the Times.” Financial Times, Financial Times, 29 Nov. 2020, www.ft.com/content/a3305080-fa3a-49b7-bf32-fbfbd76b1e32.
Kyle, Steven. “Why Janet Yellen as Treasury Secretary Is the Perfect Choice at the Perfect Time.” Fox Business, Fox Business, 30 Nov. 2020, www.foxbusiness.com/politics/janet-yellen-treasury-secretary-right-call.
Stewart, Emily. “Joe Biden Announces Janet Yellen as Treasury Secretary Pick.” Vox, Vox, 23 Nov. 2020, www.vox.com/policy-and-politics/2020/11/23/21588727/joe-biden-janet-yellen-treasury-secretary.
“U.S. Department of the Treasury.” Janet Yellen | U.S. Department of the Treasury, United States Government, home.treasury.gov/about/general-information/officials/janet-yellen.
She sounds like a very intelligent woman and reading this post was very empowering. I also
love that Biden has an all women communications team!
Learning about Yellen was like a breath of fresh air! It is so awesome to know that she was born in the middle class, and despite her successes, still represents and works for the good of the people.I am feeling optimistic about her future with the Biden administration.
Great Blog! There is no doubt that Biden’s administration is breaking boundaries in terms of recognizing all of the powerful women who make up, and should be making up, our government. Im excited to read more.