Former Treasury secretaries urge swift confirmation for Yellen

All eight living former Treasury secretaries threw their backing behind President-elect Joe Biden’s nominee for the role and urged the Senate to give Janet Yellen a swift confirmation ahead of her hearing before the Finance Committee on Tuesday. 

“Our nation faces urgent economic and national security challenges, and we believe that delaying the confirmation of our government’s principal economic official would create unnecessary risk during this critical time,” the bipartisan group wrote. 

The former secretaries cited unprecedented challenges caused by the COVID-19 pandemic — such as widespread unemployment and stalled economic activity — as well as challenges on the international stage such as terror financing as pressing reasons to ensure continuity in the position.

“At a time when our nation’s adversaries are actively looking for national security vulnerabilities, any gaps in leadership at Treasury will only serve to embolden them,” they wrote. 

They also spoke to Yellen’s preparedness for the position, saying her “experience, knowledge, judgment, and character make her uniquely qualified for this role.” 

Yellen, the first woman nominated for the position, was previously the first woman to head the Federal Reserve. 

The eight signatories ranged from George Shultz, who was appointed to Treasury under President Nixon and is currently 100 years old, to Jacob Lew, President Obama’s last Treasury secretary.