President-Elect Biden has selected Janet Yellen to be the first female Treasury Secretary in the history of the United States to deal with the economic crisis from the pandemic. Like the selection of John Kerry as Climate Envoy earlier this week, Biden has added another battle-tested public servant with deep experience dealing with the most difficult economic issues who is ready to go to work on Day 1 as part of his team. Ms. Yellen was a professor at the University of California, Berkeley for 20 years; President of the Federal Reserve Bank of San Francisco; Governor of the Federal Reserve; Vice Chair of the Federal Reserve and then Federal Reserve Chair (the first woman to serve as such). She is keenly aware of climate change and the risks it poses to financial stability (as recently confirmed for the first time this month by the Fed's stability report) and is expected to have those issues in mind when setting the new administration's tax, regulatory and budget policies. No doubt Ms. Yellen will play a key role in addressing what the President-Elect has described as the "existential threat" posed by climate change.
"The treasury secretary probably will be a key figure in addressing both climate change and the coronavirus pandemic."