Report: White House Could Replace Yellen and Deese After Midterms
Treasury Secretary Janet Yellen may be leaving office after the midterm elections in November, Axios reported, without giving a specific source.
While her potential departure would give Biden an opportunity to respond to public concern over his handling of the economy, it would also create an immediate political headache: finding a successor who can be confirmed by the Senate.
The White House did not confirm that Yellen and National Economic Council Director Brian Deese are expected to leave the administration.
Yellen in May cited the TerraUSD collapse in support of new stablecoin legislation; however, she has generally shown restraint in public on crypto regulation guidance.
In addition to Yellen, officials are also considering the possibility that Brian Deese, the director of the National Economic Council, will leave early next year.
Deese, who spoke of the benefits behind working with the digital asset community to mitigate risks and harness the benefits of digital assets this month, has drawn criticism as the Biden administration has stepped up enforcement efforts.
Yellen, who has served as Treasury secretary since January 2021, has not said she has any plans to leave the administration, a spokesperson said.
“While we are prudently planning for potential transitions post-midterm, neither Secretary Yellen or Brian Deese are part of those plans,” White House senior adviser Anita Dunn said in a statement.
White House officials are prepping for post-midterm turnover and are conducting a talent search for both senior staff and Cabinet positions, according to Axios.
The world’s presidents, central bankers and finance ministers are deeply concerned about the state of the global economy, giving it an ominous feeling with parallels to 2007.
At a perilous moment for the global economy, some officials will argue for keeping the battle-tested Yellen in place in part because of the respect she commands from the world’s finance ministers and central bankers.
Among possible successors are Commerce Secretary Gina Raimondo, who has told colleagues she finds chatter about a potential move distracting, and Fed Vice Chair Lael Brainard, Axios report speculated.
