Senate committee votes unanimously for Yellen’s nomination

The Senate Finance Committee supports the appointment of Janet Yellen as Treasury Secretary.

Janet Yellen, the former head of the US Federal Reserve, has come a big step closer to becoming the country’s first female Treasury Secretary

The parliamentary finance committee of the US Senate unanimously approved the nomination of Yellen on Friday. Subsequently, their appointment now has to be confirmed by the entire parliament. Chuck Grassley, a senator from the rival Republican Party, sees the approval of the finance committee as a strong „non-partisan“ signal of cooperation to the government.

His Republican colleagues point out that they support Yellen, even though they disagree with some of their views on substance. Nevertheless, she would be highly qualified for the office, which is why the MPs approve her nomination.

The Finance Committee hopes that the Senate will also vote unanimously in favor of Yellen’s appointment, but this has not yet happened

If Janet Yellen is confirmed as Treasury Secretary, she would play an important role in Joe Biden’s cabinet, setting the course for the economy and finance of the most powerful country in the world. Her appointment would also have a symbolic value, as she would be the first woman in this position.

In her confirmation hearing before the Senate Yellen on Tuesday had „decisive action“ in the Corona crisis demanded :

“Economists don’t always agree, but I think there’s a consensus on this. If we do not intervene further, we risk a longer and worse crisis than we already have, which could have long-term effects on the economy. “

From 2014 to 2018, Yellen was the head of the central bank of the United States, and she was the first woman to hold this position. Under her leadership, the “Federal Reserve” was on the way to normalizing monetary policy for the first time , before its successor Jerome Powell later canceled this strategy.

The crypto industry is closely monitoring the nomination of Yellen, because the former Fed boss has so far sent mixed signals about cryptocurrencies. On the one hand, she has praised Bitcoin ( BTC ) as a digital asset that can drive innovation and optimization of the global financial system, while on the other hand , she fears that cryptocurrencies encourage money laundering and other illegal activities.

The last few days the government Trump had previously added to the crypto industry is still in a panic, because the outgoing Finance Minister Steven Mnuchin has fast nor a law put in place that would intensify the use of crypto-wallets.

However, when he took office, new President Joe Biden put a halt to all government-submitted bills, blocking many of the Trump administration’s late-stage efforts for now. The relevant law for crypto wallets is also affected, which gives the industry a sigh of relief.