By Anneken Tappe and Matt Egan | CNN
Lawmakers confirmed Janet Yellen as Treasury secretary on Monday, making her the primary girl in American historical past to carry the place.
As head of the Treasury, she’ll be tasked with shepherding President Joe Biden’s $1.9 trillion American Rescue Plan by Congress and overseeing its execution. The plan consists of $1,400 stimulus checks, expanded unemployment advantages, and elevated funding for Covid-19 vaccinations and testing.
Throughout her affirmation listening to final week, Yellen defended the scale and scope of the plan, saying the primary precedence of the incoming administration have to be to get the nation and its individuals by the pandemic earlier than addressing different issues, together with America’s ballooning deficit or elevating taxes.
“Proper now, with rates of interest at historic lows, the neatest factor we will do is act large,” she advised the Senate Finance Committee.
She made clear her No. 1 precedence could be to offer reduction for these within the best want — particularly minority staff and girls, who’ve been hit hardest by the downturn.
“The pandemic has prompted widespread devastation,” Yellen stated in her testimony. “The injury has been sweeping, and … our response have to be, too.”
With broad bipartisan assist from Wall Avenue to Washington, Yellen was extensively anticipated to be confirmed. The Senate Finance Committee on Friday accredited her nomination unanimously, 26-0.
“It’s onerous to think about a greater ready nominee to satisfy this nice second of want than Dr. Yellen,” her Treasury secretary predecessors wrote in a letter backing her nomination.
She’s no stranger to breaking obstacles in positions of energy. In 2014, she grew to become the primary girl to run the Federal Reserve, and she or he would be the first particular person ever to have led the three strongest financial our bodies in authorities: Treasury, the central financial institution, and the White Home Council of Financial Advisers.
“Janet Yellen is sensible and has a monitor report for being unflappable,” Greg Valliere, chief US coverage strategist at AGF Investments, stated when her nomination made headlines in November. “She appears to be widespread in all factions, from the monetary markets to Principal Avenue.”