[Congressional Record Volume 167, Number 14 (Monday, January 25, 2021)]
[Senate]
[Page S122]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                   Nomination of Janet Louise Yellen

  Mrs. FEINSTEIN. Madam President, I rise in support of Janet Yellen's 
nomination to be Secretary of the U.S. Department of the Treasury. I've 
known Janet since she became president of the Federal Reserve Bank of 
San Francisco in 2004. I believe she is an excellent nominee for this 
position.
  Janet has an impressive record. She served twice on the Federal 
Reserve Board of Governors and was the first woman to chair the Fed 
from 2014 to 2018. She became a professor of economics at the 
University of California--Berkeley in 1980, she is now professor 
emeritus. Dr. Yellen served as Chair of the Council of Economic 
Advisors under President Clinton and has been very active as a 
distinguished fellow at the Brookings Institution.
  As some have joked, Janet's husband of 42 years, George, won the 
Nobel Prize in Economic Sciences, yet he is only the second-most 
accomplished economist in his own home.
  All of these accomplishments did not come easily for a woman in the 
male-dominated field of economics.
  Out of the 24 students who received doctorates in economics from Yale 
in 1971, Janet was the only woman. She has been a trailblazer her 
entire career.
  Now, Janet brings the experience and leadership needed at the 
Treasury Department at this critical juncture.
  I believe that Janet understands that the economy is not an abstract 
series of charts and figures, but a collection of real individuals, 
families, communities and businesses who need help now.
  At the same time, she is pragmatic and recognizes the need for fiscal 
discipline. I believe she made that clear in her confirmation before 
the Finance Committee, where I had the honor of introducing her.
  In short, she is the ideal candidate to head the Treasury Department 
at a time when we can afford nothing less. I urge the Senate to confirm 
her nomination. Thank you.
  Ms. COLLINS. Madam President, as we face an economic crisis brought 
on by COVID-19, we will need steady, proven leadership at the Treasury 
Department. A highly respected economist, Dr. Yellen served first as 
Vice Chair and then Chair of the Federal Reserve. She has served under 
Democratic and Republican presidents and during periods of economic 
crisis and economic growth.
  Last year, I worked with my colleagues to deliver bipartisan relief 
for those who have been harmed by the pandemic. We addressed the crisis 
in five bills totaling approximately $3 trillion. Through subsequent 
negotiations in November and December on an additional $900 billion 
package, we secured a second round of Paycheck Protection Program 
forgivable loans for the hardest hit small businesses and extended 
unemployment programs, assistance for schools, vaccine delivery, and 
more. But additional work remains.
  During this crisis, Secretary Mnuchin proved himself to be an able 
partner to all of us in delivering this relief. It is my hope that 
Treasury Secretary-designate Yellen will build on our work. In her 
testimony before the Senate Finance Committee and during the subsequent 
questions, Dr. Yellen made clear that she understands these needs.
  Our nation's eight living former Secretaries of the Treasury have 
provided their support for the nomination. I urge the swift 
confirmation of Janet Yellen to ensure that President Biden has a 
qualified economic team in place.
  Thank you.
  Mr. VAN HOLLEN. Madam President, I rise today to support the 
nomination of Janet Yellen, a dedicated public servant and world-
renowned economist, as Secretary of the Treasury.
  Janet Yellen's extensive background in economics and accomplished 
career in the field led her to Chair the Federal Reserve, where she 
served with distinction in the aftermath of the great recession. Ms. 
Yellen brought a steady hand and wisdom befitting her experience to her 
responsibilities at the helm of the Federal Reserve, and as a member of 
the Banking Committee, I always appreciated her frank testimony and 
thoughtful analysis.
  In her new role as Treasury Secretary, she will inherit an economic 
crisis caused by a mismanaged pandemic. She will be charged not only 
with providing historic relief in close coordination with Congress, but 
also with building back better to create the conditions for a dynamic 
economy that harnesses the potential of each and every American. I am 
confident in her ability to take on these urgent challenges. I look 
forward to voting yes on her nomination and working closely with her in 
the years ahead to ensure that we build an economy that works for 
everyone.
  Mr. CASSIDY. I yield the floor.