Yellen, who became the first woman to serve as Fed chair in 2014, was floated as Biden’s Treasury pick by the Wall Street Journal on Monday. If confirmed, she will be returning to Washington after two years in the private sector with the Brookings Institution.
Despite her controversial 2017 claim that the US would not see another economic crisis like the one her predecessor Ben Bernanke presided over in 2008 “in our lifetime,” Yellen changed her tune under the Trump administration. A year after Trump replaced her with current Fed chair Jerome Powell, she acknowledged there were “gigantic holes in the [financial] system” and admitted the toothless regulations that were enacted to prevent a repeat of 2008 were less than effective.
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