Janet Yellen the first female treasury secretary: Janet Yellen became the first woman to lead the U.S. Treasury this week.
She quickly started working on Biden administration and the US congress on coronavirus relief package and other financial policies of the new government. s
Yellen received 84-15 votes from the Senate and all the persons in opposition belong to the Republican party. The Republican party members showed apprehension about Biden’s bid to give 1.9 trillion dollars as covid relief aid, tax increment and other economic policies.
Democratic Senator Dianne Feinstein said, “Secretary Yellen’s confirmation shatters another glass ceiling.”
“In a field dominated by men, it’s refreshing to finally see a woman leading the Treasury Department,”
Janet Yellen was sworn in by Vice-President Kamala Harris. This is not the first time Yellen has added a major first in her bag, she was also the first woman to hold the chair at US Federal Reserve.
German Finance Minister Olaf Scholz congratulated Yellen and told Reuters, “Janet Yellen is a very impressive person.”
Janet Yellen will play a key role in working with Congress on Biden’s coronavirus stimulus aid. She will also help in making the Congress come around with the new corporate tax rate of 28% which was earlier 21% and other increments in taxes for Americans who earn more 400,000 dollars a year.
Yellen during her confirmation hearing said that America needs to raise the minimum wage and “act big” otherwise the country will go into a longer and more painful recession because of the pandemic.
As a Treasury Secretary, she will also look into the major financial aspects in USA. She might be asked to weigh in the recent GameStop debacle at the Wall Street firms. According to a report, her part in the matter can be controversial since she has been associated with those firms in the past. It was reported that Yellen received 810,000 dollars as speaking fees at many of Wall Street firms as she did many webinars and two speeches.