AP source: Biden taps ex-Fed chair Yellen to lead treasury

Then-Federal Reserve Chair Janet Yellen chatted with Congressmen Jim Langevin and David Cicilline before speaking to the Greater Providence Chamber of Commerce in May, 2015. File photo by Steve Klamkin WPRO News

WASHINGTON (AP) — President-elect Joe Biden has chosen former Federal Reserve Chair Janet Yellen to serve as treasury secretary, a pivotal role in which she would help shape and direct his economic policies.

Her nomination was confirmed to The Associated Press by a person familiar with Biden’s plans who spoke on condition of anonymity to discuss them.

Yellen, who is widely admired in the financial world, would be the first woman to lead the Treasury Department in a line stretching back to Alexander Hamilton in 1789.

The 74-year-old Yellen was also the first woman to serve as Fed chair. She later became an adviser to Biden’s presidential campaign.

Rhode Island Governor Gina Raimondo, formerly the state General Treasurer, had been mentioned as a possible short-list candidate for Treasury Secretary, but downplayed the idea and said she intends to serve out her term.