Yellen agreed to stay on as Treasury chief at Biden’s request: Report
Zachary Halaschak
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Janet Yellen has reportedly agreed to remain secretary of the Treasury after a request from President Joe Biden.
Biden asked Yellen, 76, to stay on last month, according to Bloomberg, which cited a White House official familiar with the matter. The president is apparently anticipating Cabinet turnover but wanted Yellen to remain in place.
Yellen has stated that she doesn’t intend to step down anytime soon, although there has been some speculation that she might. She told NBC News in November that she wanted to remain treasury secretary for the duration of Biden’s first term in office.
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The Washington Examiner reached out to the Treasury Department for comment about the report.
Having Yellen at the helm avoids the mess of transitioning to another secretary at a time of much economic uncertainty. The Federal Reserve, which Yellen used to helm, has been raising interest rates at a historic level, raising fears that a recession is on the horizon.
Most economists expect at least a mild recession in the coming year, so a change in leadership against that backdrop would likely cause some jitters in the market.
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She will also play a key role in navigating a congressional debt ceiling showdown after Republicans narrowly won back control of the House in November.
Prior to leading the Biden Treasury, Yellen was the head of the Federal Reserve under both Presidents Barack Obama and Donald Trump.