...A Treasury Secretary who is an ex-Fed chairman would know how to work well with Fed's Powell.
Washington | Joe Biden has reportedly chosen Janet Yellen to be his most powerful economic policymaker, elevating the former Federal Reserve chair, reluctant interest rate hiker and pro-fiscal stimulus advocate into the Treasury Secretary role.
If confirmed, Dr Yellen would become become America's 78th Treasury Secretary and the first woman to hold that job, reinforcing Mr Biden's determination to break new ground with his cabinet.
The Dow Jones Industrial Average extended its advance on the news.
Janet Yellen. Bloomberg
Candidates on Biden's shortlist included current Fed governor Lael Brainard, Sarah Bloom Raskin, a former Fed governor, and Raphael Bostic, president of the Federal Reserve Bank of Atlanta.
The former Fed chair deepened the central bank's focus on workers and inequality and has remained active in policy debates at the Brookings Institution think tank after Republican President Donald Trump replaced her as head of the central bank in 2018.
