Senate committee votes unanimously for Yellen nomination

The US Senate Finance Committee votes in favour of the nomination of Janet Yellen as Treasury Secretary.

Janet Yellen, the former US Federal Reserve Chair, has moved a big step closer to her nomination as the country’s first female Treasury Secretary.

The US Senate’s parliamentary Finance Committee unanimously approved Yellen’s nomination yesterday (Friday). Subsequently, her nomination must now be confirmed by the full parliament. Chuck Grassley, a senator from the rival Republican Party, sees the approval by the Finance Committee as a strong „bipartisan“ signal of cooperation to the government.

His Republican colleagues emphasise that they support Crypto Engine app Yellen even though they disagree with the substance of some of her views. Nonetheless, she would be highly qualified for the post, which is why the MPs are blessing her nomination.

The Finance Committee hopes that the Senate will also vote unanimously in favour of Yellen’s nomination, although this has not yet happened.

If Janet Yellen is confirmed as Treasury Secretary, she would have an important role in Joe Biden’s cabinet, setting the course for the economy and finance of the world’s most powerful country. Moreover, her appointment would also have a symbolic value, as she would be the first woman in this position.

In her hearing before the Senate on Tuesday, Yellen had called for „decisive action“ in the Corona crisis:

„Economists don’t always agree, but I think there is a consensus on this. If we don’t intervene further, then we risk a longer and worse crisis than we have now, which could have long-term effects on the economy.“
Yellen was the US central bank chief from 2014 to 2018, already the first woman to hold that post. Under her leadership, the Federal Reserve was back on track to normalise monetary policy for the first time, before her successor Jerome Powell later reversed that strategy.

The crypto industry is watching Yellen’s nomination quite closely, as the former Fed chief has sent mixed signals on cryptocurrencies so far. On the one hand, she has praised Bitcoin (BTC) as a digital asset that can drive innovation and optimisation of the global financial system, while on the other hand, she fears that cryptocurrencies encourage money laundering and other illegal activities.

The last days of Trump’s administration had previously sent the crypto industry into a panic, with outgoing Treasury Secretary Steven Mnuchin quickly introducing legislation that would tighten the handling of crypto wallets.

However, upon taking office, new President Joe Biden put a hold on all bills entered by agencies, blocking many late efforts by the Trump administration for the time being. The crypto wallet law in question is also affected, which makes the industry breathe a sigh of relief.