Janet Yellen Set to Lead Treasury Department Under Biden – The New York Times

Thanks! Share it with your friends!

Close

As Fed chair, she gave important speeches — including one at the storied annual conference in Jackson Hole, Wyo. — advocating continued watchfulness and wariness when it came to financial overhauls instituted after the 2008 crisis. She has struck a concerned tone about regulatory rollbacks under the Trump administration.

“It is certainly appropriate to simplify regulations that impose unnecessary burdens, particularly on small community banks,” she said in 2019. “But I’m greatly concerned that the regulatory work needed to address financial stability risk has stalled. There have been some worrisome reversals.”

Ms. Yellen is a Keynesian economist, which means she believes markets have imperfections and sometimes need to be rerouted or kick-started by government intervention.

She is, however, relatively moderate on many topics, including trade. Mr. Akerlof, her husband, recalled in a 2001 biographical note that when he met her: “Not only did our personalities mesh perfectly, but we have also always been in all but perfect agreement about macroeconomics. Our lone disagreement is that she is a bit more supportive of free trade than I.”

She has been a clear champion of continued government support for workers and businesses as the pandemic saps the economy.

“While the pandemic is still seriously affecting the economy, we need to continue extraordinary fiscal support,” Ms. Yellen said in a Bloomberg Television interview in October.

She has also been a major influence on leading officials at the Fed. John C. Williams, who worked for her in San Francisco, now leads the Federal Reserve Bank of New York. Mary C. Daly, who now leads the San Francisco Fed, cites Ms. Yellen as a key mentor.

Source Article from https://www.nytimes.com/2020/11/23/business/economy/janet-yellen-treasury-secretary.html

Comments

Write a comment