Janet Yellen becomes the first female Secretary of the US Treasury

Yellen can count on the support of a majority in the Senate. This is important for his appointment, because Biden can appoint ministers, but the Senate must approve their appointment.

There was a large majority in favor of Yellen’s nomination: 84 out of 100 senators voted in favor. This was no surprise in itself: Yellen received unanimous support on the Senate Finance Committee last Friday.

Stimulate the economy

Republicans have promised to work with Yellen. They voiced concerns about the high government spending and tax increases on Biden’s agenda.

Biden wants to spend $ 1.9 trillion (1,570 billion euros) to mitigate the negative effects of the crown on the US economy. He wants to go back $ 2 trillion spend to restore neglected infrastructure.

‘Additional expenses no problem’

“Under the current circumstances, the United States can handle this. Interest rates are now low and Americans can take advantage of it. It is a favorable situation for this type of spending,” said recently Philip Marey, economist at Rabobank America.

Biden also wants to increase the tax for businesses from 21 to 28 percent. In addition, he wants the tax on Americans who earn more than $ 400,000 a year to increase.

Yellen was named Fed Chairman in 2014 by then-President Barack Obama. She was also the first woman to hold this position. A number of senior Obama officials will be returning to Yellen’s team soon, the Treasury Department said on Monday.