It is expected that President-elect Joe Biden nominates Janet Yellen to the Minister of Finance, US media reported.
If confirmed by the Senate, she would be the first woman to hold that position in U.S. history.
The 74-year-old economist was previously the head of the Federal Reserve, ie the US Central Bank, and the leading economic adviser to former President Bill Clinton .
JUST IN: President-elect Joe Biden expected to name former Federal Reserve Chair Janet Yellen as his pick for treasury secretary, sources tell @ABC News.
Yellen would be the first woman to serve in the role if confirmed. https://t.co/J5XqPGj6t9 pic.twitter.com/Ai5kfht6jn
— ABC News (@ABC) November 23, 2020
Janet Yellen is credited with helping manage the economic recovery following the 2007 financial crisis and the recession that followed.
As chair of the U.S. Federal Reserve, Janet was known for focusing more on the impact of bank policy on workers and the cost of growing U.S. inequality.
