Why does Wall Street love Janet Yellen?
Gibbs Wealth Management President Erin Gibbs, Key Advisors Group CEO Eddie Ghabour, and New Street Advisors Group CEO and CIO Delano Saporu discuss their outlook for the markets.
Janet Yellen, the former chair of the Federal Reserve, is now in line to become the first woman to hold the position of U.S. Treasury secretary.
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President-elect Joe Biden announced his pick on Monday, putting Yellen in line to make history once again if confirmed.
Yellen, in a Tweet, said:
"We face great challenges as a country right now. To recover, we must restore the American dream—a society where each person can rise to their potential and dream even bigger for their children. As Treasury Secretary, I will work every day towards rebuilding that dream for all."
FOX Business takes a look at Yellen's career.
BIDEN PICKS YELLEN AS TREASURY SECRETARY
Yellen, the first woman to head the central bank, began her four-year term in 2014 after she was appointed by former President Barack Obama, guiding the economy on its path to recovery from the 2008 financial crisis.
In 2018, she was succeeded by Jerome Powell and would work closely with him in her new role, advising on the U.S. economic recovery from the coronavirus pandemic.
WHO IS JEROME POWELL?
Under her tenure, unemployment fell to 4.1 percent – a decline of 2.6 percentage points from when she started – and inflation remained below 2 percent. A resounding majority of economists surveyed by the Wall Street Journal in 2017 gave her positive reviews, with 60 percent saying she deserved an "A" on her performance. Thirty percent gave her a "B."
She is the first Fed chair not to be reappointed after serving a first full term.
WHO IS NEEL KASHKARI?
Yellen, 73, sits on California's economic recovery task force and has spoken with House representatives via telephone about fiscal stimulus plans to offset the pain of the virus outbreak.
Yellen also served as head of the Council of Economic Advisers [CEA] under former President Bill Clinton.
Born in Brooklyn, Yellen earned a Ph.D. in economics from Yale in 1971 before rising through the ranks of academia. She served as president of the San Francisco Federal Reserve Bank from 2004 through 2010; in 2010, she was appointed as vice-chair of the Fed's board of governors in Washington.
WHO IS ROBERT KAPLAN?
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