KT Edit: The dove flies full circle

US president-elect Joe Biden’s appointment of the 74-year-old public servant as Treasury chief has been widely praised.

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Published: Wed 25 Nov 2020, 11:05 PM

Janet Yellen is one tough cookie. During her stint as leader of the world’s most powerful central bank, she not only broke gender barriers in one of the top public finance jobs anywhere; Yellen showed she was ‘man’ enough to handle it.

US president-elect Joe Biden’s appointment of the 74-year-old public servant as Treasury chief has been widely praised, with European Central Bank vice-president Luis de Guindos terming it as ‘good news’ for not just the American economy, but for the world as well.


If Yellen’s dovish record is any indication, those praises have merit. While a Democrat, she defended the sanctity of the Fed’s apolitical stance and rolled out actions with emphasis, unafraid to butt heads with Congress in committee hearings, and even continuing some policies of her predecessor, Ben Bernanke, who is a Republican. And remember: She not just predicted the US subprime meltdown — she did it with more accuracy compared to others.

Yellen could’ve done more, had Donald Trump not decided to tap Jerome Powell to take over the Fed’s reins. Unsurprisingly, the president attacked Powell — the very same person he appointed — when things at the Fed didn’t go his way. Given Trump’s misogynistic record, that decision worked out well for Yellen. Not saying she wouldn’t have been able to handle it, but she was spared the undue humiliation guaranteed from a tweet or off-the-cuff comment. But make no mistake: Now, with a proverbial free hand, Yellen has another opportunity to make history. That anticipation is already good news in itself.



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