Janet Yellen removed her last hurdle Monday on her historic path to the Treasury Department secretary, garnering overwhelming Senate confirmation for her key economic position.
The 84-15 vote made Yellen the first woman to head the department, a feat she equaled as president of the Federal Reserve.
After a mostly cordial hearing before the Senate Finance Committee, where he obtained unanimous approval, it was thought that Yellen was almost certain for confirmation. However, the vote was delayed a few days as the upper house made its way during the first week of President Joe Biden’s administration.
Senator Ron Wyden, D-Ore, urged his colleagues before the 841 vote to approve what was equivalent to a fifth confirmation for Yellen to a government leadership role.
“Tonight, the Senate can issue a particularly important economic judgment: confirm Janet Yellen for the fifth time and you will know that she will work with each of us to get our workers, our small businesses and all Americans, from the sea to in the bright sea, they become solid economic base, ”he said.
In his new position, Yellen will lead an agency that will support Biden’s ambitious $ 1.9 trillion stimulus program, which comes just months after the federal government closes fiscal year 2020 with a deficit of more than $ 3 trillion.
This persistent red ink, greatly exacerbated by the Covid-19 pandemic and the large amount of government spending that has kept the economy running, has led to a national debt approaching $ 28 trillion.
While in the Fed, Yellen was in charge of directing monetary policy that helped control financing costs, though she said it was never a consideration when the central bank set interest rates.
Yellen earned a reputation for building consensus in the Fed, a tool that will be useful to him if he negotiates a divided Congress and a government that continues to pursue a tough policy with China.
One of the “no” votes, Sen. Dan Sullivan, in R-Alaska, said she appreciated Yellen’s ratings for the position, but was disappointed that she, in a conversation with him, did not support a “robust” all-of-the-above “energy sector”.
He stated during his confirmation that China must continue to take responsibility for its actions on trade and human rights.
Yellen also got news when he talked about the need to regulate cryptocurrencies at a time when bitcoin prices have exploded more.
“I think we need to look closely at how to encourage its use for legitimate activities while reducing its use for malicious and illegal activities. If confirmed, I intend to work closely with the Federal Reserve Board and the rest of banking regulators and federal securities on how to implement an effective regulatory framework for these and other fintech innovations, ”Yellen said.
Yellen succeeds Steven Mnuchin, who has held the position of Treasurer for the past four years. Former President Donald Trump chose not to reappoint Yellen to lead the Fed after his 2014-18 term.