“Right now, with interest rates at historic lows, the smartest thing we can do is act big,” she told the Senate Finance Committee.
“The pandemic has caused widespread devastation,” Yellen said in her testimony. “The damage has been sweeping, and … our response must be, too.”
With broad bipartisan support from Wall Street to Washington, Yellen was widely expected to be confirmed. The Senate Finance Committee on Friday approved her nomination unanimously, 26-0.
“It is hard to imagine a better prepared nominee to meet this great moment of need than Dr. Yellen,” her Treasury secretary predecessors wrote in a letter backing her nomination.
She’s no stranger to breaking barriers in positions of power. In 2014, she became the first woman to run the Federal Reserve, and she will be the first person ever to have led the three most powerful economic bodies in government: Treasury, the central bank, and the White House Council of Economic Advisers.
“Janet Yellen is brilliant and has a track record for being unflappable,” Greg Valliere, chief US policy strategist at AGF Investments, said when her nomination made headlines in November. “She seems to be popular in all factions, from the financial markets to Main Street.”