Former Federal Reserve Chair Janet Yellen, who is currently a Distinguished Fellow in Residence for Economic Studies at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, has been nominated for Treasury Secretary in the incoming Biden Administration.
Here is more from The Hill:
President-elect Joe Biden on Monday named former Federal Reserve Chairwoman Janet Yellen as his nominee for Treasury secretary, formalizing a nomination that has been expected for more than a week.
Biden announced Yellen as his Treasury pick in a release that also tapped a number of others for posts on his economic team, including Neera Tanden as his budget director and Cecilia Rouse as chairwoman of the Council of Economic Advisers.
Yellen, a fellow at the Brookings Institution, would be the first woman to serve as Treasury secretary. Her credentials among liberal Democrats and decades of federal government experience made her an early front-runner for the crucial post, though many progressives had hoped Biden would pick Sen. Elizabeth Warren (D-Mass.).
Brookings notes that she is now on leave from Brookings.
In related news, think tankers Jared Bernstein and Heather Boushey were selected as members of Biden's Council of Economic Advisers (CEA).
Bernstein is a Senior Fellow at the Center on Budget and Policy Priorities (CBPP), and Boushey is the President, CEO, and Co-founder of the Washington Center for Equitable Growth.