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- Janet Yellen currently serves as the 78th and current United States Secretary of the Treasury, a position she has held since January 26, 2021.She is the first woman...
- Yellen's career spans decades in academia and public service,marked by a focus on macroeconomic policy and financial stability.
- On January 25, 2024, Secretary Yellen testified before the House Financial Services Committee regarding the state of the U.S.
Janet Yellen and the U.S. Department of the Treasury
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Janet Yellen currently serves as the 78th and current United States Secretary of the Treasury, a position she has held since January 26, 2021.She is the first woman to hold the office.
Yellen’s career spans decades in academia and public service,marked by a focus on macroeconomic policy and financial stability. Prior to her current role,she served as Chair of the Federal Reserve from 2014 to 2018,becoming the first woman to led the central bank. She previously served as Vice Chair of the Federal Reserve (2010-2014), President and CEO of the Federal Reserve Bank of San Francisco (2004-2010), and as a professor at the University of California, Berkeley.
On January 25, 2024, Secretary Yellen testified before the House Financial Services Committee regarding the state of the U.S. economy and the Treasury’s priorities. Testimony Transcript. She highlighted the Biden management’s economic policies, including investments in infrastructure and clean energy, and emphasized the importance of fiscal responsibility.
The U.S. Department of the Treasury
The U.S. Department of the Treasury is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the united States.It was established in 1789 by Alexander hamilton, the first Secretary of the Treasury.
The Treasury’s core functions include managing government revenue, paying bills and debts, and formulating economic policy. It also plays a critical role in financial regulation,international finance,and combating financial crime. Key bureaus within the Treasury include the Internal Revenue Service (IRS), the Bureau of the Fiscal Service, and the Financial Crimes Enforcement Network (FinCEN).
in December 2023, the Treasury Department announced new sanctions targeting individuals and entities involved in facilitating Russian sanctions evasion.Press Release. These sanctions demonstrate the treasury’s commitment to holding accountable those who support Russia’s war in Ukraine.
Key policies Under Janet Yellen
Janet Yellen’s tenure as Secretary of the Treasury has been marked by a focus on addressing economic challenges stemming from the COVID-19 pandemic and promoting inclusive economic growth. She has championed policies aimed at lowering prescription drug costs, investing in clean energy, and reducing income inequality.
A significant policy initiative has been the implementation of the Inflation Reduction Act of 2022. The Treasury is responsible for administering manny of the tax credits and incentives included in the Act, which are designed to promote clean energy and reduce healthcare costs. Inflation Reduction Act Page. As of December 2023, the Treasury reported that the Inflation Reduction Act is projected to reduce the deficit by $143 billion over ten years.
In November 2023, the Treasury announced a new framework for regulating digital assets, emphasizing the need for consumer protection and financial stability. Treasury Framework for Digital Assets. This framework aims to create a regulatory environment that fosters innovation while mitigating risks associated with cryptocurrencies and other digital assets.
- Federal reserve System: Official Website – The central bank of the United States, with which Yellen previously served as Chair.
- Internal Revenue Service (IRS): Official Website – A bureau of the Treasury responsible for tax collection and enforcement.
- Financial Crimes Enforcement Network (FinCEN): official Website – A bureau of the Treasury focused on combating financial crime.
- Congressional Budget Office (CBO): Official Website – Provides autonomous analyses of budgetary and economic issues.
- House Financial Services Committee: Official Website – The House committee with jurisdiction over the Treasury Department.