Former Federal Reserve Chairman Janet Yellen to become next U.S. Treasury Secretary

According to the Wall Street Journal, President-elect Joe Biden will tap former Federal Reserve Chairman Janet Yellen to become the next U.S. Treasury Secretary and replace Steve Mnuchin.

Former Federal Reserve Chairman Janet Yellen to become next U.S. Treasury Secretary

According to the Wall Street Journal, President-elect Joe Biden will tap former Federal Reserve Chairman Janet Yellen to become the next U.S. Treasury Secretary. Yellen hasn’t said a lot about bitcoin, but she is very familiar with cryptocurrencies and blockchain technology. She first spoke about bitcoin publicly in February 2014, “The Fed doesn’t have authority to supervise or regulate bitcoin in any way,” then again in October 2015 while she was still in office at the Fed, “We do not interpret bitcoin’s popularity as having a relationship with the public’s view of the Federal Reserve’s conduct of monetary policy.” In December 2017 she mentioned bitcoin again, “It is not a stable store of value and it doesn’t constitute legal tender. It is a highly speculative asset.” In October 2018 she surprisingly announced she bought bitcoin for the first time, but clarified she is still "not a fan," citing illicit transactions. But her most clarifying comments on bitcoin come during discussions with reporters in December 2017, saying "the Fed doesn’t really play any role... any regulatory role with respect to bitcoin other than assuring that banking organizations that we do supervise are attentive that they’re appropriately managing any interactions they have with participants in that market and appropriately monitoring anti-money laundering and Bank Secrecy Act responsibilities that they have.” Janet Yellen was born August 13, 1946, and is an American economist at the Brookings Institution and a professor emeritus at the University of California, Berkeley. She has taught economics as a professor for over 20 years from 1985 to 2006. She served as the Chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014, and she was the first woman to head the Federal Reserve. She will replace current U.S. Treasury Secretary Steve Mnuchin, nominated by President Trump in 2016 and sworn in by Congress in 2017.