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Capital Markets

Banks, economists, markets welcome the idea of Treasury secretary Yellen

Yellen’s nomination will help president-elect Biden reach across the aisle and gather Republican support for urgently needed fresh stimulus.

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Even before US president-elect Joe Biden had officially confirmed his nomination for Treasury secretary, congratulations were flooding in for former Federal Reserve chair Janet Yellen amid assurances that her confirmation should proceed smoothly, even if the Republicans maintain a majority in the Senate.

First up, the banking industry, which might have endured a much tougher fight against re-regulation had Biden picked the more radical Elizabeth Warren for this top cabinet position.

It sent out Tim Adams, chief executive of lobby group the Institute of International Finance (IIF), to gush.

Janet Yellen is an extraordinary choice for Treasury secretary
Tim Adams, IIF
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“Janet Yellen is an extraordinary choice for Treasury secretary, and should be swiftly confirmed by the Senate,” Adams declared.

“She is a world-class economist and dedicated public servant, and will be a trusted, steady and pragmatic hand on the helm as the US navigates the economic recovery from the Covid-19 pandemic.”

If confirmed, Yellen will take up her job at a tricky moment.

While equity markets have rallied hard on good news about vaccines, Covid cases are still surging across the US in the run up to the holiday season.


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