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.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
