Biden will reportedly nominate Janet Yellen to lead Treasury

President-elect Joe Biden is expected to nominate former Federal Reserve Chair Janet Yellen to lead the Treasury Department, people familiar with the decision told The Wall Street Journal. Yellen declined to comment, the Journal notes.

If confirmed, Yellen would become the first woman to fill the role, as well as the first person to head the Treasury, the central bank, and the White House Council of Economic Advisers.

Yellen oversaw the Fed between 2014 and 2018. She was originally nominated by former President Barack Obama and was confirmed by the Senate with bipartisan support, including three sitting Republican lawmakers — Sens. Richard Burr (R-N.C.), Susan Collins (R-Maine), and Lisa Murkowski (R-Alaska). That seemingly increases her chances of getting through the process again, even if the GOP holds on to its majority.

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Per the Journal, the Biden transition team views Yellen as a "credible authority on the dangers of prematurely withdrawing government stimulus and as someone who could collaborate closely with the Fed and executive-branch agencies to engineer more support if Congress remains hesitant to act" on coronavirus relief legislation. Read more at The Wall Street Journal.