Janet Yellen

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President-elect Joe Biden unveiled his economic team Monday as the incoming administration prepares to navigate a recession resulting from the coronavirus pandemic at a time when congressional Republicans have become more reluctant to fuel record deficit spending.

The key figure is Janet Yellen, Biden's choice to become Treasury secretary after previously leading the Federal Reserve. Other appointees include Neera Tanden, the chief executive of the progressive think tank Center for American Progress, to head the Office of Management and Budget, and Cecilia Rouse, dean of the Princeton School of Public and International Affairs, to lead the Council of Economic Advisers.

But while Yellen is recognized for being one of the most experienced people ever considered for her post, Tanden could have trouble winning confirmation in the Republican-controlled Senate because of her political history and fiery posts on Twitter.

President-elect Joe Biden on Monday announced the key members of his economic team led by former Fed chair Janet Yellen, who would become the first woman to serve as Treasury secretary if confirmed.

“This crisis-tested team will help President-elect Joe Biden and Vice President-elect Kamala Harris lift America out of the current economic downturn and build back better — creating an economy that gives every single person across America a fair shot and an equal chance to get ahead,” the incoming Biden administration said in a statement.

“These choices reflect the president-elect’s commitment to building an administration that looks like America, drawing on the diverse backgrounds and lived experiences of some of our nation’s foremost economic experts,” it said.

President-elect Joe Biden officially unveiled former Federal Reserve chair Janet Yellen as his Treasury Secretary nominee with a vow to get the economy humming again soon.

The incoming president also named his entire economic team including liberal Neera Tanden as budget czar and Princeton economist Cecilia Rouse as head of the White House Council of Economic Advisers.

President-elect Joe Biden announced Monday that he will nominate Janet Yellen, a former chairman of the Federal Reserve Bank, to be his Secretary of the Treasury.

What does that mean to American taxpayers?

To start, it means your personal income taxes will increase, your 401k will drop in value as the Biden administration and Yellen increase the corporate tax on the corporate stocks in your 401k, and your cost of gasoline and energy will increase.

Most telling, Yellen has previously stated her opposition to the Tax Cuts & Jobs Act, also known as the "Trump tax cuts" which reduced the corporate income tax and personal income tax.

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