US President-elect Joe Biden is reportedly going to nominate former Federal Reserve (Fed) chairman Janet Yellen as Treasury Secretary replacing Steven Mnuchin.
This will make Janet Yellen the first woman and economist as well as an experienced central bank to lead the jobs that shape the country's major economic policies.
If he is appointed, it will help drive the US economy to recover amid the resurgence of the Covid-19 case leading to closures in several states.
In addition, it will also shift the Treasury’s focus towards progressive efforts to address growing economic imbalances and combat climate change, away from pressure from the Trump administration to cut taxes and loosen financial regulations.
Previously, he had also urged the government to open the door to greater fiscal spending to help end the deep recession caused by the Covid-19 crisis.
The market welcomed the news of this nomination, where it was clearly indicated by the rise of major currencies and equities at the Asian session. The benchmark stock index of S&P 500 rose nearly 1% following news of Biden's plans to appoint him.
