Confirmation of Janet Yellen as the Secretary of the Department of Treasury

January 25, 2021

As Chair of the Federal Reserve, Dr. Yellen proved not only to be a strong proponent of policies that would strengthen our banking system, but also an advocate on behalf of workers. Notably, she has demonstrated her willingness to empower workers to call attention to wrongdoing that jeopardizes consumer protection and the safety and soundness of banks. Her response to the scandals at Wells Fargo, to impose an unprecedented asset-cap on the company, sent a powerful message to all of Wall Street that abuse of consumers would not be tolerated. In addition, in her support for robust enforcement of rules like the Dodd-Frank Act and the Community Reinvestment Act, she has worked to strengthen the economic security of working families to prevent another financial crash. 

Her support for workers continues to grow, even today, amidst the COVID-19 pandemic, as she has expressed the need to protect state and local governments from being forced to slash vital services and programs due to the economic downturn caused by the pandemic. She has also thoughtfully expressed support for extending pandemic unemployment insurance and providing financial relief for workers — especially minority workers and women, who have been hit hardest by the pandemic. Amidst a historically unequal economic recession and recovery, this display of a staunch commitment to fairness and equity is urgently needed in our financial system.