WASHINGTON (AP) — Janet Yellen is in line for another top economic policy job — just in time to confront yet another crisis.
Yellen, President-elect Joe Biden’s apparent choice for treasury secretary, served on the Federal Reserve’s policymaking committee during the 2008-2009 financial crisis that nearly toppled the banking system.
She became Fed chair in 2014 when the economy was still recovering from the devastating Great Recession. In the late 1990s, she was President Bill Clinton’s top economic adviser during the Asian financial crisis.
And now, according to a person familiar with Biden’s transition plans, she has been chosen to lead Treasury with the economy in the grip of a surging viral epidemic. The spike in virus cases is intensifying pressure on companies and individuals, with fear growing that the economy could suffer a “double-dip” recession as states and cities reimpose restrictions on businesse