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Janet Yellen and the U.S. Department of the Treasury
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Janet Yellen currently serves as the 78th Secretary of the Treasury, appointed by president Joe Biden, and is the first woman to hold the position. She plays a central role in shaping and executing U.S. economic policy, managing the nation’s finances, and advising the President on economic matters.
Yellen’s career spans decades in academia and public service. Before her current role,she served as Vice Chair of the Federal Reserve under both Ben Bernanke and Jerome Powell from 2010 to 2018,and as Chair of the Federal Reserve from 2014 to 2018 – also a first for a woman. Her expertise lies in labor economics and monetary policy. She previously taught at the University of California, Berkeley’s Haas school of Business.
On January 10, 2024, Secretary yellen testified before the House Financial Services Committee regarding the state of the U.S. economy and the Treasury’s priorities.She highlighted the Biden governance’s efforts to lower costs for families and strengthen the middle class.
Key Responsibilities of the Treasury Secretary
The Secretary of the Treasury is responsible for a wide range of economic and financial functions.
- Fiscal Policy: Overseeing the collection of taxes and managing the national debt. As of December 29, 2023, the U.S. national debt stood at $34.16 trillion.
- Financial Regulation: Working with other agencies to regulate financial institutions and markets. The treasury Department plays a key role in the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Cornell Law School Legal Facts Institute).
- International Finance: Representing the U.S. in international financial institutions like the International Monetary Fund (IMF) and the World Bank.
- Currency Management: Supervising the Bureau of Engraving and Printing and the U.S. Mint.
Several institutions and officials are closely linked to Janet Yellen’s work at the Treasury.
- federal Reserve System: The central bank of the United States,with which Yellen has a long history. The current Chair is Jerome Powell (Federal Reserve Board).
- Joe Biden: The current President of the United States,who appointed Yellen as Secretary of the Treasury.
- The White House National Economic Council (NEC): The NEC advises the President on economic policy. Lael Brainard currently serves as Director of the NEC (White House NEC).
- Congressional Oversight Committees: Committees like the House Financial Services Committee and the Senate Banking,Housing,and Urban Affairs Committee oversee the Treasury Department.
- internal Revenue Service (IRS): The IRS, a bureau of the Treasury Department, is responsible for tax collection and enforcement.
Recent Treasury Actions and Initiatives
Secretary yellen has spearheaded several key initiatives as assuming office.
In November 2023, the Treasury Department announced new sanctions targeting individuals and entities involved in facilitating Hamas’s activities following the October 7th attacks in Israel. These sanctions were implemented under Executive Order 13224 (Treasury Press release).
The Treasury is also actively implementing provisions of the Inflation Reduction Act of 2022,which includes notable investments in clean energy and climate change mitigation. the Treasury’s website provides detailed information on these programs (Treasury Climate and Energy).
On January 17, 2024, the Treasury announced the completion of the first round of funding for the Greenhouse Gas Reduction Fund, allocating $20 billion to eight national green banks (Treasury Press Release).