Yellen’s appointment was confirmed by a 64-15 vote in the US Senate on Monday, Reuters reported.
Despite all the opposition votes from the Republicans, the party’s 34 senators also voted in favor of his appointment. Several Republicans in the Senate have expressed an interest in working with the United States’ first chancellor.
The White House did not immediately say when the 64-year-old Yalin would be sworn in or who would be sworn in.
Before the Senate vote, Yellen had bipartisan support on the Senate Finance Committee. He served as Chair of the United States Federal Reserve Board for four years, from 2014 to 2016.
He will now be tasked with guiding the Joe Biden administration on the nature of the economy in the midst of the pandemic.
The United States, which has been plagued by the scourge of the Coronavirus pandemic, is now struggling to recover.
At a Congressional hearing on his appointment last week, Yellen called for more trillions of dollars in pandemic financing and economic stimulus.
“We need to monitor the epidemic, not raise taxes,” he said.
As finance minister, Yellen will now have to review the economic sanctions that former President Donald Trump imposed on various countries, including China, during his tenure, Reuters reported.
Who is this Janet Yellen?
Janet Yellen was also the first female president of the US Federal Reserve. Earlier, he was known as an expert on the impact of central bank policy on workers and the damage caused by growing inequality in the United States.
Yellen was a member of the Federal Reserve Board of Directors for a decade before then-President Barack Obama took office in 2014; He served as vice president for four years.
Trump has refused to reinstate Yellen in the same position, although he is set to remain chair of the US Federal Reserve for another four years after 2016.
However, before that, Yellen, who was at the head of the Federal Reserve, had become one of the most feminist icons in the economic arena.
The economist is seen as a man who can please both progressive and moderate members of Biden’s Democratic Party. He also won the support of many Republicans when he was appointed chairman of the Federal Reserve in 2014.
During his tenure, the United States raised interest rates for the first time since 2006; Despite the controversy, Wall Street praised his move.
Typical creator. Subtly charming web advocate. Infuriatingly humble beer aficionado.