When Janet Yellen was tapped to join the Biden administration as Treasury secretary, she came with celebrity status — one of the world’s preeminent economists and the first woman to have led the Federal Reserve
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Among the cases they cite: She was rebuffed in her objection to Biden’s choice of a progressive law professor to be the top banking regulator within her own department. The White House failed to consult Treasury on remarks Biden was preparing to give on the debt limit and tasked another Cabinet official with reaching out to CEOs.
One administration official said she is an obvious candidate to spearhead a policy or communications response to the extraordinary spike in prices on behalf of the White House. She also has a different style and background than some of her predecessors — her elbows aren’t as sharp nor her ego as large — and she has faced difficulty joining an administration in which she had few close relationships in the middle of a pandemic, the people said. On top of that, she has long eschewed the kind of political strategizing that is an important part of the job.plays a bigger role in the policy process than her peers in other departments, they say.
Federal Reserve Board Chair Jerome Powell smiles upon arriving at a news conference at the Federal Reserve on May 4, 2022 in Washington, D.C. The Senate confirmed his nomination for a second term on May 12. | Alex Brandon/AP Photo Omarova was later forced to withdraw her nomination after a messy and contentious confirmation fight, amid opposition from several moderate Democrats as well as Republicans, who objected to what they called her “radical” ideas.
Treasury would normally advise the White House on what message to deliver and would always be looped in well in advance, said the official, who also worked in previous administrations. Commerce Secretary Gina Raimondo is one of the people the Biden administration has called upon in situations when Treasury has traditionally had a primary role, including talking to business leaders about raising the debt ceiling .
Treasury Secretaries Hank Paulson, Jacob Lew, Steven Mnuchin, and Tim Geithner all had close relationships with the presidents who tapped them to take on the job. | Charles Dharapak/AP Photo, Pete Souza/The White House via Getty Images, and Shawn Thew/Pool via Getty Images She goes home each night with a thick briefing book, which she prefers to an abbreviated memo. Her deliberate approach, honed over years working at the Fed, stands in contrast to the fast-break mentality in the West Wing, people close to the White House said.said. “There’s no one in the world who doesn’t trust her. There’s no one who doesn’t think that she’s got huge and fundamental integrity, a lot of intelligence and a ton of decency.
“It’s understood within the White House that Janet Yellen is going to say what she’s going to say,” one administration official said. “Good luck with making her say anything she’s not completely comfortable with.” Those dueling public comments are indicative of a behind-the-scenes disagreement between USTR, which wants tariffs retained, and Treasury and the Commerce Department, which want them lifted, said two former national security officials with knowledge of the dynamics.
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