Senate Finance Committee to vote on Janet Yellen’s treasury nomination
Janet Yellen approved as head of the Ministry of Finance
She became the first woman in US history to hold this position.
Janet Yellen won an overwhelming majority of votes in the Senate, becoming the first woman to head the U.S. Treasury.
84 senators from both parties voted for the new US Treasury Secretary. However, Republicans have raised concerns about President Biden’s proposed $ 1.9 trillion coronavirus relief plan, as well as tax hikes and other initiatives..
“Minister Yellen’s approval breaks another glass ceiling,” Democratic Senator Diane Feinstein said in a statement. “In a male-dominated industry, it’s nice to finally see a woman heading the Ministry of Finance.”.
Yellen, 74, made history in 2014 when she became the first woman to head the Federal Reserve..
The White House did not comment on when and by whom Yellen will be sworn in. She will play a key role in working with Congress on Biden’s plans to provide an economic aid package to address the fallout from the pandemic and deliver on his pledges to invest $ 2 trillion in infrastructure, renewable energy projects, education and research to boost America’s competitiveness..
The Treasury will ensure Biden’s plans to fund these initiatives are fulfilled in an effort to persuade Congress to raise the corporate tax rate to 28% and raise taxes for Americans making more than $ 400,000 a year..
Yellen told Senators last week that they need to raise minimum hourly wages and “act big” on stimulus measures, or risk a longer and more painful recession caused by the pandemic..
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