Janet Yellen likely pick to become next Treasury secretary

Janet Yellen likely pick to become next Treasury secretary

By Paul Gilkes , Coin World Published: Nov 28, 2020, 10 AM

Janet L. Yellen, who chaired the Federal Reserve Board from 2014 to 2018, the first woman to do so, was identified in news reports Nov. 23 as President-elect Joe Biden’s intended nominee as Treasury secretary, succeeding Steven Mnuchin.

The 74-year-old Yellen, whose resume includes teaching at the University of California at Berkeley, also served as president of the Federal Reserve Bank of San Francisco, a Fed governor and the Fed vice chair before becoming the central bank’s first female chief executive. Yellen also led the White House Council of Economic Advisers during the Clinton administration.

If formal nomination is approved by the Senate, her primary responsibility would involve stabilizing the American economy damaged by the COVID-19 pandemic.

The Treasury secretary also has leadership responsibility over the United States Mint and the Bureau of Engraving and Printing.

Collectors will be interested in what her signature would look like appearing on the new series of Federal Reserve notes that welcome a new treasurer of the United States.

The Treasury secretary’s facsimile signature appears on notes below and right of the main vignette on the face of each note, with that of the treasurer below and to the left of the vignette.

A formal signing ceremony is customarily held following Senate confirmation; the nominee then selects a representative signature from a series of those autograph examples.

While the nomination for Treasury secretary requires Senate confirmation, that of the treasurer does not.

The nation has been without a U.S. treasurer since President Trump’s appointee, Jovita Carranza, became the administrator of the Small Business Administration on Jan. 14. She became United States treasurer on June 19, 2017.

The Presidential Appointment Efficiency and Streamlining Act of 2011 — Public Law 112-166 , signed into law on Aug. 10, 2012, by President Obama — eliminates the requirement of Senate approval for 163 positions, including treasurer of the United States, allowing the president to simply appoint persons to those positions.

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