But at Treasury, Yellen could quarterback fiscal policy at a time when it's the only game in town. Roger Ferguson, another leading Treasury pick and a former top Fed official, would make history as the nation's first Black Treasury secretary. But Ferguson has spent the past dozen years on Wall Street running TIAA, the $1 trillion money manager. And in her final years at the Fed, Yellen did not stand in the way of tweaks to make financial regulations less burdensome. At the Fed, Yellen prided herself on staying above the political fray and sticking to the economic arguments.

Source: The Nation November 23, 2020 20:03 UTC