Janet Yellen

Janet Yellen, a seasoned economist and treasurer, has been announced as President-Elect Biden’s pick for Treasury Secretary. Yellen is now facing criticism for receiving substantial speaking fees from major financial institutions that include Citigroup, Goldman Sachs, and Google. Over the past two years, Yellen has received more than 7 million dollars in speaking fees. This fact was revealed after she filed disclosure forms as a part of her nomination. Yellen’s disclosure forms were released by the Office of Government Ethics on December 31, 2020. These recently received payments may become an issue when her nomination goes through the United States Senate, due to the importance of her position. As Treasury Secretary, Janet Yellen would be among the most influential financial advisors to the president regarding everything from taxes to stimulus packages. She has been welcomed by many Biden supporters and, as a progressive labor economist who has historically worked towards reducing income inequality, has now pledged to combat systemic racism and climate change as Treasury Secretary. Now, she will need to prove to an extremely divided senate that she is no longer influenced by her financial relationship with some of the most powerful companies in the US. This criticism is not unique just to Yellen. Biden himself has received lots of criticism for relying too heavily on officials deeply rooted in past Democratic administrations. Biden has stated, however, that he is not afraid of relying on advisers with political history. Yellen would be a major component of Biden’s “bipartisan” cabinet that is composed of a diverse group of experts and she is expected to “move forward quickly, with her hearing held before Inauguration Day,” according to Oregon Democratic Sen. Ron Wyden, a high ranking member of the chamber’s Finance Committee. Yellen is expected to positively contribute to the incoming administration’s fight against the current financial crisis caused by the COVID-19 quarantine.