[Blockchain Today Reporter Seo-yeon Jang] The appointment of former Federal Reserve Chairman Janet Yellen as Minister of Finance has taken a step closer.
On the morning of the 22nd (local time), the U.S. Senate Treasury Committee unanimously agreed to the appointment of Janet Yellen as Minister of Finance. Republican Senator Chuck Grassley said, “The Republicans are clearly willing to cooperate with the new Democratic administration. We hope that this case will clarify it.”
Other Republican senators also said they did not agree with Yellen’s policies, but still supported Yellen. The fact that Candidate Yellen’s support from both Democrats and Republicans seems to prove he deserves to be Minister of Finance.
On this day, a member of the Treasury Council hoped to vote for the entire Senate to appoint the candidate Yellen. But it wasn’t actually realized.
If Candidate Yellen passes the Treasury Secretary’s hearing, he will be a key member of President Biden’s administration and will serve as important presidential advice on economic issues and accounting policies. Upon final appointment, Yellen will become the first female Treasury Secretary in US history.
Candidate Yellen previously said at a Senate hearing that “we will take a big action in a coronavirus situation.” “Economists don’t always agree, but I think it’s now. Without further action, the risk will be longer and more painful. And it will hurt the entire US economy.”
Candidate Yellen was the first woman to serve as Fed Chairman in 2014-2018. As chairman, the candidate tried to normalize monetary policy. Later, the candidate’s attempts were reduced by Jerome Powell.
The cryptocurrency industry is also paying attention to the progress of the candidate Yellen. This is because Candidate Yellen has shown both support and opposition to digital assets. Candidate Yellen supported Bitcoin (BTC) and other digital assets as important innovations in global trading. By the way, the candidate also pointed out that cryptocurrency can be abused for money laundering and illegal financing.
On the last day of the Trump administration, then Treasury Secretary Steven Mnuhchin attempted to introduce new rules aimed at self-hosted cryptocurrency wallets, and his move caused serious anxiety in the cryptocurrency industry.
President Biden, wishing to say goodbye to the Trump era, has frozen many of the proposed executive orders since taking office. Regulations related to cryptocurrency wallets (proposed at the time of Manusin) are also one of the frozen administrative orders.
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