US president-elect Joe Biden on Monday confirmed the nomination of former Federal Reserve chair, Janet Yellen, for the position of the treasury secretary. Biden’s transition team announced the nomination, saying if confirmed, she will be the first woman to lead the department in its 231-year long history. The team said that Yellen has previously been confirmed by the Senate on four separate occasions, indicating her acceptability across the aisle.

“Janet Yellen is nominated to serve as Secretary of the Treasury. If confirmed, she will be the first woman to lead the Treasury Department in its 231-year history,” the transition team said in a statement.

After the announcement, the American economist said that the country faces “great challenges”, and vowed to work every day towards rebuilding the American dream. Taking to Twitter, Yellen described the American dream as “a society where each person can rise to their potential and dream even bigger for their children.”

 

Christine Lagarde, president of the European Central Bank, extended congratulations to Yellen and hailed her as a “trailblazer for women”. The former chairperson of the International Monetary Fund (IMF) said that she looks forward to tackling the global economic challenges together.

“Congratulations to my friend Janet Yellen on her nomination as US Treasury Secretary. Her intelligence, tenacity and calm approach make Janet a trailblazer for women everywhere. I look forward to tackling yet again the global economic challenges we are facing, together,” she tweeted.

Yellen served as the 15th chair of the Federal Reserve, the first woman to lead America’s central banking system since its creation. She also served as vice-chair of the federal body from 2010 to 2014, following an earlier term on the Federal Reserve Board of Governors and as president of the Federal Reserve Bank of San Francisco.

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The transition team announced other key members of Biden’s economic team, including Neera Tanden as the director of the Office of Management and Budget and Wally Adeyemo as deputy secretary of the Treasury. It assured that the crisis-tested economic team will help Biden and vice president-elect Kamala Harris lift America out of the current economic downturn.

“These choices reflect the president-elect’s commitment to building an administration that looks like America, drawing on the diverse backgrounds and lived experiences of some of our nation’s foremost economic experts,” the team stated.