JUST IN: Biden Expected to Pick Janet Yellen as Treasury Secretary

Up First President Trump insists he will never concede the election.

The outgoing administration could make rectifying this situation more hard for Yellen: Treasury Secretary Steven Mnuchin provoked rare criticism from central bank officials when he announced last week that funding for emergency Fed programs to stabilize small- and medium-size businesses would be cut off at the end of the year, a move Biden allies charged was calculated to hamstring the president-elect's ability to counteract the economic devastation of the pandemic without protracted congressional wrangling. "I believe it's essential". Last week Mr Biden said he had decided on his Treasury Secretary, though declined to say who it was. Obama originally appointed Yellen to the Fed in 2014, where she remained until early 2018.

"We need public policy oriented toward making a big difference on climate change", she said recently.

That prompted criticism from outgoing president Donald Trump, who said on the campaign trail in 2016 the ultra-low interest rate policy created "a big, fat ugly bubble" for Democrats. At the end of 2017, Yellen dismissed the notion that the Fed was looking into issuing a digital dollar.

The Wall Street Journal broke news Monday afternoon that Yellen was Biden's pick and noted that she "would become the first person to have headed the Treasury, the central bank and the White House Council of Economic Advisers".

When she succeeded him four years later, Forbes magazine dubbed her the second most-powerful woman in the world, behind German Chancellor Angela Merkel.

Yellen's candidacy was supported by left-wing members of Biden's Democratic Party, according to the source, and requires Senate confirmation.