There is officially a new Treasury Department Secretary, as Janet Yellen becomes the first woman to have the title, following an overwhelming Senate confirmation.
The vote was 84-15 in favor for Yellen, who formerly was also the first woman to serve as the chair of the Federal Reserve.
Her confirmation hearing on the Senate floor was the antithesis of a Supreme Court nomination confirmation hearing, as it was described by many as being cordial. “Tonight, the Senate can deliver an especially important economic judgment: Confirm Janet Yellen a fifth time and know that she will work with every single one of us to get our workers, our small businesses and all Americans from sea to shining sea back on solid economic footing,” Sen. Ron Wyden, D-Ore said.
She oversees a treasury department that has some issues. The federal government closed out fiscal 2020 with a deficit exceeding $3 trillion. One thing she said during her confirmation hearings that got the attention of Wall Street and investors around the world was her opinion on cryptocurrencies, and the need to have some regulation of it. “I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities. If confirmed, I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations,” Yellen said.
She succeeds Steven Mnuchin.