US Treasury Secretary Janet Yellen may be on her way out of the post following the upcoming US midterm elections, and the White House may be getting ready to reorganize the executive branch's team to handle the US economy, Axios reported Tuesday.
The departure, if it happens, would be the most significant exit in the Biden administration's economic team. This is important, as US President Joe Biden and Yellen have been hit with significant criticism from the American public regarding how the economy has been handled throughout the administration's time in office. But having said that, according to Axios, all of this is still in early stages.
How exactly this departure would happen and who would replace Yellen are unknown.
Why would the US Treasury secretary leave?
Born to a Jewish family and with a long background in economics, including being the former chair of the Federal Reserve, Yellen has made headlines amid the recent economic crisis for a number of reasons, specifically clashing with the White House's political decisions, such as forgiving some student debt.
In addition, Yellen has also previously had some mistakes regarding inflation. back in March 2021, she had said in an interview with ABC News that there was just a small risk of inflation. Come July 2022, Yellen admitted to CNN she was wrong.
Inflation remains one of the biggest worries for Americans. A Pew Research Center poll even ranked inflation as the US public's number one concern. from May 2022. In fact, inflation is also at the center of a number of political campaigns this midterm position.
Not only that, but according to a recent poll by the Washington Post and ABC News, over half of voters disapproving of how the Biden administration has handled the economy.
Currently, the White House denies any reports on if Yellen will leave, but did confirm in a statement reported by Axios that plans are underway to prepare for any transitions in the administration following the midterms.