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Yellen becomes first female U.S. Treasury chief

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Janet Yellen became the first female U.S. Treasury secretary on Monday.

The Senate overwhelmingly voted to confirm her role, 84-15, with all opposition coming from Republicans.

It puts her on track to work with Congress on plans for economic relief, as well as President Joe Biden's pledges to invest $2 trillion in infrastructure, green energy projects, education and research.

Several Republicans have balked at the $1.9 trillion price tag and the prospect of increased debt after running up deficits during Trump's term with the 2017 tax cuts and nearly $5 trillion in relief spending.

The Treasury will oversee Biden's plans to finance his initiatives by raising the corporate tax rate up to 28%, and increasing taxes on those making over $400,000 a year.

Yellen told senators at her confirmation hearing last week that they needed to raise the minimum wage and "act big" on stimulus measures or risk a longer, more painful recession.

Yellen also said that she would conduct an immediate review of U.S. sanctions policy, to ensure that they were used "strategically and appropriately" after they were ramped up under Trump.

The Treasury announced more members of Yellen's team on Monday, bringing back some Obama administration veterans.

Yellen's confirmation is quick by recent standards, coming less than a week after Biden took office.

Her Republican predecessor, Steven Mnuchin, was not confirmed until three weeks after Trump's 2017 inauguration.

Video Transcript

- Janet Yellen became the first female US Treasury Secretary on Monday. The Senate overwhelmingly voted to confirm her role, 84 to 15, with all opposition coming from Republicans. It puts her on track to work with Congress on plans for economic relief, as well as President Joe Biden's pledges to invest $2 trillion in infrastructure, green energy projects, education, and research.

JOE BIDEN: And all over this nation, all--

- Several Republicans have balked at the $1.9 trillion price tag and the prospect of increased debt, after running up deficits during Trump's term with the 2017 tax cuts and nearly $5 trillion in relief spending, The Treasury will oversee Biden's plans to finance his initiatives by raising the corporate tax rate up to 28% and increasing taxes on those making over $400,000 a year.

Yellen told senators at her confirmation hearing last week that they needed to raise the minimum wage and act big on stimulus measures, or risk a longer, more painful recession. Yellen also said that she would conduct an immediate review of US sanctions policy to ensure that they were used strategically and appropriately, after they were ramped up under Trump.

The Treasury announced more members of Yellen's team on Monday, bringing back some Obama administration veterans. Yellen's confirmation is quick by recent standards, coming less than a week after Biden took office. Her Republican predecessor, Steven Mnuchin, was not confirmed until three weeks after Trump's 2017 inauguration.