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Janet Yellen becomes 78th U.S. Secretary of the Treasury

Janet Yellen becomes 78th U.S. Secretary of the Treasury
FILE – In this Aug. 14, 2019 file photo, former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington.(AP Photo/Andrew Harnik, File)

The U.S. Senate has now confirmed former Federal Reserve Chair Janet Yellen to work as Treasury Security. Janet Yellen is the 78th U.S. Secretary of the Treasury. Yellen’s role as U.S. Treasury Secretary was approved by the Senate in a descent vote of 84-15 in support of the former Fed Chair. It occurs days after she won unanimous help from both Democrats and Republicans on the Senate Finance Committee. She supersedes Steven Mnuchin, who left office on Wednesday post-Biden’s inauguration. 

Janet Yellen’s nomination primarily induced caution in the crypto community when she opined that the U.S. should analyze how it can reduce crypto use for illegal financing. In response to Sen. Maggie Hassan (D-NH) question, she inquired about the potential for cryptocurrency in financing criminal and terrorist activities.

Earlier, it appeared that Yellen might turn out to be another old-world crypto opponent. However, a written statement designated that the incoming Secretary of the Treasury may have a more assertive view on the potential for crypto and digital assets to reshape the United States financial system for the better. In her statement, Yellen again said the requirement for the U.S. to face the application of illegal activities leveraging crypto. This time, she replied that she also intends to support the legitimate leveraging of digital assets.

Janet Yellen to function with Federal Reserves and Regulators

As Treasury Secretary, she plans to operate with the Federal Reserve and other financial regulators. It involves the FinCEN (Financial Crimes Enforcement Network), SEC (Securities and Exchange Commission), CFTC (Commodity Futures Trading Commission), and OCC (Office of the Comptroller of the Currency). Moreover, Yellen intends to introduce other significant changes to the Treasury Department’s mission. It includes exercising its powers to assess climate change’s economic dangers and develop incentives to support clean energy technologies. She will also concentrate on developing policies that decrease racial bias.

Moreover, earlier this month, the Treasury Department declared a chief of staff, DidemNisanci, and a senior adviser team. Several of them served in the Obama administration to work with Yellen. On Monday, Treasury declared another bunch of hires. It involves Mark J. Mazur, a former senior Treasury official through the Obama administration, to be deputy assistant secretary for tax policy in the office of legislative affairs.

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