The 74-year-old, whose nomination was confirmed to AFP by a financial source close to the Biden administration, would be tasked with steering the world's largest economy as it struggles with mass layoffs and a sharp growth slowdown caused by the Covid-19 pandemic. I'm not sure why they see her as such a progressive. She is likely to be a proponent of higher levels of stimulus, which helped buoy the broader markets on Monday. Since stepping down as Fed chair in 2018, Yellen has worked as an economist at the Brookings Institution.
Yellen is married to Nobel Economics Prize-winner George Akerlof.
At the Fed, Yellen was seen as a "dove" inclined towards low interest rates to support employment. Following the announcement Monday afternoon, Gary Cohn, President Donald Trump's first National Economic Council director, tweeted his support of Yellen, calling her "an excellent choice" and saying, "I have no doubt she will be the steady hand we need to promote an economy that works for everyone, especially during these hard times". At the end of 2017, Yellen dismissed the notion that the Fed was looking into issuing a digital dollar. And Republicans, who may control the Senate in January, have previously backed Yellen, including in her nomination to Fed Chair.
In 2010, she became deputy to former Fed chair Ben Bernanke, overseeing the large monetary support plan to help the USA economy out of the 2008-2010 global financial crisis.
Early in Trump's term, she didn't hesitate to warn of the risks tax cuts like the one he was proposing would have on the budget deficit.