Yellen will remain at Treasury at Biden’s request

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According to Bloomberg, Treasury Secretary Janet Yellen will remain the head of the department, having agreed to do so at the request of President Joe Biden.

White House officials with knowledge of the matter told Bloomberg that Biden asked him to stay on in mid-December as the president prepares for some cabinet reshuffles.

It comes amid questions about how long Yellen will remain in the Biden administration and a potential fight in the Republican-controlled U.S. House over the looming debt ceiling and the threat of a potential recession, Bloomberg noted. Ultimately, Yellen’s stay means she will be in the administration as the battle for the debt ceiling unfolds.

An earlier Bloomberg report in September said the Treasury secretary planned to stay on “well” past the midterms, even as the White House prepared for possible departures at the Cabinet level as well as at the senior staff level. And then Yellen after the midterms in November Said NBC News’ Peter Alexander said he expected Biden to stay “for the duration” of his presidency.

Treasury officials declined to comment to Bloomberg on the matter.

Bloomberg added:

The move also gives Yellen more time to consider some of her top priorities, including overhauling the Internal Revenue Service, reforming the World Bank and increasing pressure on Russia in its war against Ukraine through sanctions and curbs on oil prices.

Biden’s request to stay on also ends talk that the White House wants to nominate Commerce Secretary Gina Raimondo to head the Treasury Department, which has been seen as an attempt to elevate a Democratic star to the post. lead ministry.

Last year, Yellen was criticized for downplaying rising inflation. In fact, in an interview with CNN in May, he admitted he was “wrong” about inflation. He also added that “unexpected and significant shocks to the economy” have caused “rising energy and food prices” and supply disruptions that are hurting the economy “are not fully understood.”

Jacob Bliss Correspondent for Breitbart News. Write to him jbliss@breitbart.com or follow him on Twitter @JacobMBliss.

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