Former Federal Reserve Chair Janet Yellen is under consideration to be President-elect Joe Biden’s Treasury secretary, according to people familiar with the matter, joining other possible contenders.
Ms Yellen has withdrawn from at least one upcoming speaking engagement because she is now in contention for Treasury secretary, one of the people familiar with the matter said. The people spoke on condition of anonymity to discuss personnel deliberations.
Mr Biden has promised to pick a diverse cabinet, which means he could choose the first Black or female Treasury secretary in history. His team is also eyeing Fed Governor Lael Brainard and former Fed Vice Chair Roger Ferguson for the job, Bloomberg News reported in September.
Mr Biden is launching his transition efforts to shape the new administration, but he is still weeks away from making cabinet nominations, his transition team said on Friday. He met earlier this week to discuss cabinet nominations with close advisers, according to transition official Jen Psaki.
A spokesman for the Biden transition team said it was not making any new personnel decisions yet.
Since at least August, when Mr Biden accepted the Democratic nomination, Ms Yellen has been among a group of economists who have briefed Mr Biden on the state of the economy.
Ms Yellen, now a distinguished fellow in residence at the Brookings Institution, was appointed by President Barack Obama as the first woman to serve as Fed chair. She held the job for one term before President Donald Trump appointed Jerome Powell to lead the central bank.
A Brookings spokesperson didn’t reply to a request for comment on Ms Yellen that was made after business hours.
The progressive wing of the Democratic party is likely to welcome Ms Yellen as Mr Biden’s Treasury secretary due in part to her strong comments on how economic policy makers can address climate change.
Since stepping down as Fed chair, she has joined investment banks including JPMorgan Chase & Co, Goldman Sachs Group, and oil companies Exxon Mobil, ConocoPhillips and Shell, in urging policy makers to consider a tax on carbondioxide emissions.
“From the standpoint of an economist, the most efficient way to tackle climate change is to tax emissions -- to create a disincentive to emit carbon dioxide,” Ms Yellen said in 2018. “It’s the right solution to a problem, and it’s collected in a way that is practical and feasible.”
Mr Biden said in October that, if elected president, he would consider creating a special White House office led by a climate “czar” to coordinate efforts to fight global warming. One plan he’s weighing would give multiple agencies, including the Treasury Department, a role in addressing climate change.
Laurence Meyer, whose term as a governor at the Fed overlapped with Ms Yellen’s in the 1990s, said he expects she would do whatever is needed to help Mr Biden succeed.
“Janet doesn’t campaign” for jobs “and she doesn’t have to,” Mr Meyer said. “She wants a successful Biden administration.”
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Killing of Qassem Suleimani
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal