Former Federal Reserve Chair Janet L. Yellen was confirmed as the first female Treasury secretary in the department’s 232-year history on Monday after the Senate approved her appointment with a bipartisan 84-15 vote.
On Tuesday, she was sworn in on the east landing outside of the White House by Vice President Kamala Harris. The New York Times described the ceremony as “a history-making moment as both women are the first to assume two of the most powerful jobs in the United States government.”
JUST IN: Janet Yellen sworn in as secretary of Treasury by VP Harris, becoming the first woman to hold the position. pic.twitter.com/C1EeCs94ig
— NBC News (@NBCNews) January 26, 2021
After Yellen took the oath of office, Harris told her, “Congratulations, Madam Secretary.”
Yellen replied, “Thank you, Madam Vice President.”
According to the Times, Yellen is “the first woman to have held all three top economic jobs in the government, having served as chair of the Federal Reserve and the Council of Economic Advisers.”
How it started. How it’s going. Congrats to Janet Yellen, the first woman to serve as Secretary of the Treasury! pic.twitter.com/hkiE0zO3Ii
— Melissa Murray (@ProfMMurray) January 25, 2021
“Our smart, tough, and principled new @USTreasury Secretary @JanetYellen understands that we need to act big to help our economy, small businesses, and working families to recover from this crisis,” tweeted Sen. Elizabeth Warren (D-MA) on Monday. “I was proud to vote to confirm her today and I’m looking forward to working with her.”
NBC News reported, “Yellen’s tenure is sure to be a marked change from that of her predecessor Steven Mnuchin, the investment banker who oversaw the Treasury under former President Donald Trump.”
Yellen is expected to play a leading role in shaping President Joe Biden’s economic policy. She has recently spoken about addressing economic inequalities that she reportedly described as an “American tragedy” and said she aspires to “help restore America’s global leadership.”
All of the votes opposing her confirmation came from Republicans, including Sen. Tom Cotton of Arkansas.
“Joe Biden pledged unity, but his top priority for our economy is to rig the system so that people are treated differently on the basis of race,” Cotton said in a statement issued after Monday’s vote. “The woke commissars who run the government call this ‘equity,’ but separating people into buckets based on their skin color will always be immoral. Janet Yellen has served the public for many years, but I will not support nominees who’ve indicated they will advance Joe Biden’s divisive economic vision for our country.”
On Tuesday, Biden reiterated his commitment to the cause, tweeting, “I’ll take action to advance racial equity and push us closer to that more perfect union we’ve always strived to be.”
White House domestic policy adviser Susan Rice explained, “President Biden has made clear, advancing equity is everybody’s job.”
America has never lived up to its founding promise of equality for all, but we’ve never stopped trying. Today, I’ll take action to advance racial equity and push us closer to that more perfect union we’ve always strived to be.
— President Biden (@POTUS) January 26, 2021
The Associated Press provided more details on Yellen’s confirmation:
She is expected to play a key role in gaining congressional approval of Biden’s $1.9-trillion coronavirus relief package, which is facing stiff opposition from Republicans who believe the price is too high. …
At her confirmation hearing last week before the Finance Committee, Yellen argued that without prompt action, the nation faces the threat of a “longer, more painful recession.” She urged quick action on the virus relief package that would provide $1,400 in payments to individuals making less than $75,000 annually, as well as providing expanded unemployment benefits, further aid for small businesses and support for cities and states to prevent layoffs. The plan also provides more support for vaccine production and distribution. …Yellen faced substantial pushback on the plan from Republicans who argued that the package was too large, especially at a time when the federal budget deficit has soared past $3 trillion. They also objected to such measures as an increase in the minimum wage to $15 per hour.
According to the AP, Yellen’s financial disclosure forms show “she collected more than $7 million in speaking fees during more than 50 in-person and virtual engagements over the past two years, including with many Wall Street firms.” Yellen agreed to recuse herself “from decisions that would affect certain financial organizations,” the outlet reported.
Yellen’s husband, George Akerlof, won the 2001 Nobel prize in economics. He was present at Tuesday’s ceremony, along with the couple’s son, Robert, who is also an economist.