Treasury Secretary Janet Yellen, left, and Yellen's husband George Akerlof participate in a swearing-in ceremony with Vice President Kamala Harris, Tuesday, Jan. 26, 2021, at the White House in Washington. (AP Photo/Patrick Semansky)
Janet Yellen has been sworn in as President Joe Biden's Treasury Secretary.
Tuesday Vice President Kamala Harris administered the oath of office to Yellen, who is the first woman Treasury secretary in U.S. history.
The former chair of the Federal Reserve was approved by the Senate on an 84-15 vote, becoming the third member of Biden’s Cabinet to win confirmation. The 15 votes against her all came from Republicans.
She is expected to play a key role in gaining congressional approval of Biden’s $1.9 trillion coronavirus relief package, which is running into stiff opposition from Republicans who believe the price tag is too high.
An economist by training who was a professor at the University of California at Berkeley, Yellen will represent the Biden administration in global financial affairs and lead a sprawling department whose responsibilities cover overseeing IRS tax collections, making policy on banking regulations, and serving as the administration’s contact with Wall Street.
In her previous roles, Yellen developed an expertise in areas ranging from labor markets to international finance. Publicly, she frequently signaled concern about how economic policies affect ordinary people, especially disadvantaged communities.
At her confirmation hearing before the Finance Committee last week, Yellen had argued that without prompt action the nation faced the threat of a “longer, more painful recession.”
She urged quick action on the virus relief package that would provide an additional $1,400 in payments to individuals making below $75,000 annually as well as providing expanded unemployment benefits, further aid for small businesses, and support for cities and states to prevent layoffs.
The plan also provides more support for vaccine production and distribution.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
