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U.S. Treasury Secretary Janet Yellen joined Kentucky leaders to celebrate a new clean energy plant in Elizabethtown and tout her boss’ economic accomplishments.
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Each of them, to a fault, have backgrounds that reflect their interest in creating an economy that works for more people, especially the vulnerable working class: Black people, Latinos and women.
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Janet Yellen was confirmed by the Senate to serve as Treasury secretary. She'll be the first woman to hold that post and will lead the Biden administration's efforts to address the pandemic recession.
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Normally, the Senate confirms a few Cabinet officials before Inauguration Day. But President-elect Joe Biden will need to turn to career civil servants for help because of delays.
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Joe Biden plans to nominate the former Federal Reserve chair as his Treasury secretary. She would play a leading role in helping the economy recover from the pandemic.
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Janet Yellen says she'll step down from the Federal Reserve Board when her successor as chair is sworn in. Earlier this month, President Trump named Jerome Powell to be the next Fed chairman.
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As Fed chair, Janet Yellen helped the central bank largely achieve its mandate to engineer full employment while keeping inflation at a level that fosters growth.
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Federal Reserve Chair Janet Yellen's remarks in Jackson Hole, Wyo., on Friday put her at odds with President Trump. She applauded the post-crisis regulations that he says are hurting businesses.
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The Fed also said it is looking to increase rates three times in 2018, as inflation approaches the central bank's target annual rate of 2 percent and the unemployment rate appears stable.
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The vote to nudge benchmark interest rates higher was unanimous, the central bank says. The rate moves from the current 0.25-0.50 percent to a range of 0.50 and 0.75 percent.