Visit us at https://is.gd/pgbLPF
Tag: secretary
Both Democrats and Republicans agree
[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.
- According to the Washington Post, Yellen is the most preferred candidate for the Treasury Secretary’s office.
- Yellen believes that financial regulators should allow blockchain and cryptocurrency projects.
- It is still unclear how Yellen views crypto currently.
On Monday, the Wall Street Journal reported that Joe Biden, the current U.S. president-elect, is looking to introduce the Former Fed chair Janet Yellen to succeed Steven Mnuchin, the Treasury Secretary when he takes office early next year. However, all nominees will have to be vetted by the Senate.
Reportedly, Yellen, Roger Ferguson- the former Fed Vice-Chair, and Lael Brainard- Federal Reserve Governor are seen as the most preferred candidates. It should be noted that Yellen was responsible for running the U.S. central bank between 2014 and 2018 when it was facing relatively low inflation.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Not a fan of bitcoin (BTC) but blockchain
Although past news quoted her as not being a huge fan of bitcoin (BTC), Yellen believes that financial regulators should allow cryptocurrency projects and blockchain. In 2015, she stated that regulators such as the Fed might have limited access to digital currency systems.
In 2017, she said that blockchain is an important part of the technology that can transform the way transactions are handled. Again, in 2018, Yellen stated that she was less interested in bitcoin itself, arguing that only a few transactions can be transacted using bitcoin where the majority of the transactions might be illegal.
Among the events that have significantly contributed to Yellen’s fame in the crypto community is the 2017 hearing when Christian Langal is writing on a legal pad “buy bitcoin” and showed it to the cameras was testifying.
When elected in the Treasury Secretary’s office, it is believed that she will work on changing the way financial regulators view crypto. Office of Foreign Asset Control (OFAC), Office of the Comptroller of the Currency, and the Financial Crimes Enforcement Network (FinCEN) are all the bureaus within the Treasury Department’s scope. Besides, it is also unclear how the former Fed Chair views crypto presently.
WWW.BLOCKCAST.CC 