Unlike the independent Fed, Yellen as Treasury secretary would find herself in a much more political role — one that is likely to require negotiating with a Republican-controlled Senate. By replacing Yellen, Trump broke with precedent. Instead, Trump chose Jerome Powell, the Fed’s current chair, with whom Yellen could soon be working closely as Treasury secretary. Henry Paulson, who served as Treasury secretary under President George W Bush, praised the selection. While leading the Fed, Yellen at times had a testy relationship with congressional Republicans.

Source: bd News24 November 24, 2020 03:45 UTC