The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

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.


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

“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.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree