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Following Senate confirmation, Yellen to serve as Treasury Secretary
The Senate Monday, via a 84-15 bipartisan vote, approved the nomination of former Federal Reserve Chair Janet Yellen to serve as Treasury Secretary. NAFCU worked closely with Yellen during her time on the Federal Reserve Board, including meeting with her at the Fed's headquarters.
“NAFCU applauds the confirmation of Janet Yellen to serve as Treasury secretary,” said NAFCU President and CEO Dan Berger. “The Treasury Department plays a key role in ensuring the American people get the economic relief they need to emerge from the pandemic better, stronger and financially sound.
“NAFCU has a strong relationship with Secretary Yellen, and we previously met with her at the Federal Reserve Board headquarters," Berger added. "We look forward to continuing our successful relationship with her as credit unions remain critical to helping our nation overcome this disastrous pandemic.”
In previous meetings with Yellen, the NAFCU board presented the association's Annual Report on Credit Unions, which details the latest issues affecting credit unions and impacts the Fed's actions have on the industry. Read NAFCU's 2020 report.
Yellen last week testified before the Senate Finance Committee, sharing that the Department of Treasury will have a dual mission: "helping Americans endure the final months of this pandemic; keeping people safe while getting them back to work."
"That's our first task," she said in her opening statement. "But then there is the longer-term project. We have to rebuild our economy so that it creates more prosperity for more people and ensures that American workers can compete in an increasingly global economy."
Additionally, the Treasury Department Monday named several new staff members who will serve in key roles. NAFCU looks forward to continuing its work with the Treasury Department to address credit union concerns.