The Senate Finance Committee supported Yellen’s candidacy with a show of support for two parties. Janet Yellen, the former Federal Reserve President, is one step closer to winning the nomination for Treasury Minister.
The Senate Finance Committee unanimously approved Yellen’s candidacy, preparing the ground for a full Senate vote. Republican Senator Chuck Grassley said he hoped GOP’s support would signal a “two-party” support under the new Democratic rule.
Republicans also supported
Republicans said they supported Yellen, although they disagreed with many of their political positions. The general consensus was that he was highly qualified for this task.
If elected as Treasury Minister, Yellen will become a key member of President Biden’s Cabinet and act as the chief adviser on economic issues and financial policy. She will also be the first woman to take office she.
At the Senate confirmation hearing on Tuesday, Yellen called for “big action” on the Covid-19 crisis.
“Economists don’t always agree. But now I think there is a consensus: If no more action is taken, we risk a longer, more painful recession now and then a long-term scar in the economy. ”
What does the cryptocurrency space think?
The cryptocurrency industry is closely following Yellen’s nomination process. The former Fed chief gave mixed signals about digital assets. On the one hand, he touted Bitcoin (BTC) and other digital assets as a major innovation in optimizing global transactions. On the other hand, he expressed concern about crypto’s role in money laundering and illegal financing.
The last days of the Trump administration created heavy concern for the cryptocurrency industry after then Treasury Secretary Steven Mnuchin tried to quickly track new regulations targeting self-hosted crypto wallets.
President Biden halted these last moves on his first day in office and effectively prevented the progress of several policies in the Trump era. The proposed crypto wallet regulation was among them.