Janet Yellen
By: Julia Zhou
Recently, when President Joe Biden was appointed to office, he nominated Janet Yellen to be the U.S. Secretary of the Treasury. At 74 years old, she became the first ever woman Secretary of the Treasury.
As the Secretary of the Treasury, Yellen will be able to create new economic and financial policies regarding debt and taxes. Also, before her position in the Treasury, Yellen was also the first woman to serve as chair for the Federal Reserve Board, which supervises banks and “financial institutions”, making sure money is being managed correctly.
Yellen was born in 1946. At the beginning of her life, Yellen received a degree from Brown University and a Ph.D. in Yale. Later, she worked as a professor at many prestigious universities.
Yellen became president and CEO of the Federal Reserve Bank of San Francisco. During a destructive pattern of bankruptcy in the housing market for mortgage borrowers and lenders, Yellen foresaw the crisis.
Yellen believes economic markets are flawed, and helped create a model showing businesses “seeking maximum profits” should pay more to its workers, because flexible prices and wages will help the economy. This wildly successful philosophy became known as the New Keynesian Philosophy.
Yellen also stressed the importance of nonpartisan beliefs in the Federal Reserve Board. She built strict regulations for banks and financial institutions. Yellen is renowned for her good judgement and has served under President Bill Clinton and President Barack Obama.
Yellen’s new position may strengthen our economy and prevent any further crises due to unemployment and debts. Hopefully, her position can also pave a way for women leaders like Kamala Harris and herself.
Sources:
- Investopedia.com
- Reuters.com
- Treasury.gov
- federalreserve.gov