Janet Yellen is confirmed as the first female Treasury secretary in US history (2022)

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Hear what he thinks about a recession","duration":"01:59","sourceName":"CNN","sourceLink":"http://www.cnn.com/","videoCMSUrl":"/video/data/3.0/video/business/2022/06/15/larry-summers-recession-inflation-fed-rate-hike-dlt-vpx-sot.cnn/index.xml","videoId":"business/2022/06/15/larry-summers-recession-inflation-fed-rate-hike-dlt-vpx-sot.cnn","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220615013448-larry-summers-june-14-2022-screengrab-large-169.jpg","videoUrl":"/videos/business/2022/06/15/larry-summers-recession-inflation-fed-rate-hike-dlt-vpx-sot.cnn/video/playlists/business-economy/","description":"Former US Treasury Secretary Larry Summers, who faced criticism from the Biden administration in 2021 for saying inflation would rise in the US, predicts that the US will likely see a recession in the next two years because of an \"overheated\" economy and says he expects interest rates will continue to rise.","descriptionText":"Former US Treasury Secretary Larry Summers, who faced criticism from the Biden administration in 2021 for saying inflation would rise in the US, predicts that the US will likely see a recession in the next two years because of an \"overheated\" economy and says he expects interest rates will continue to rise."},{"title":"Here's what the US economy can expect if a recession hits ","duration":"03:47","sourceName":"CNNBusiness","sourceLink":"https://www.cnn.com/business","videoCMSUrl":"/video/data/3.0/video/business/2022/06/13/recession-us-economy-inflation-zandi-qmb-vpx.cnnbusiness/index.xml","videoId":"business/2022/06/13/recession-us-economy-inflation-zandi-qmb-vpx.cnnbusiness","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220613151426-mark-zandi-large-169.jpg","videoUrl":"/videos/business/2022/06/13/recession-us-economy-inflation-zandi-qmb-vpx.cnnbusiness/video/playlists/business-economy/","description":"As more interest rate hikes are expected amid inflation, Moody's Analytics Chief Economist Mark Zandi predicts how long a recession may last, if it occurs, and how it could impact unemployment. 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Elizabeth Warren (D-MA) questions Federal Reserve Chairman Jerome Powell about the impact raising interest rates will have on working Americans."},{"title":"Analyst: Gas tax holiday 'won't change people's behavior'","duration":"01:36","sourceName":"CNN","sourceLink":"https://www.cnn.com/business","videoCMSUrl":"/video/data/3.0/video/business/2022/06/22/gas-prices-surge-markets-now.cnn/index.xml","videoId":"business/2022/06/22/gas-prices-surge-markets-now.cnn","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220622144031-gas-prices-surge-markets-now-00001201-large-169.png","videoUrl":"/videos/business/2022/06/22/gas-prices-surge-markets-now.cnn/video/playlists/business-economy/","description":"President Biden has urged Congress to approve a \u003ca href=\"https://www.cnn.com/2022/06/21/business/gas-tax-holiday-biden/index.html\" target=\"_blank\">federal gas tax holiday\u003c/a>. Amrita Sen, founding Partner and Chief Oil Analyst at Energy Aspects, explains why the policy is at \"complete odds with what needs to happen in the medium term.\"","descriptionText":"President Biden has urged Congress to approve a \u003ca href=\"https://www.cnn.com/2022/06/21/business/gas-tax-holiday-biden/index.html\" target=\"_blank\">federal gas tax holiday\u003c/a>. Amrita Sen, founding Partner and Chief Oil Analyst at Energy Aspects, explains why the policy is at \"complete odds with what needs to happen in the medium term.\""},{"title":"Beyoncé's single dubbed anthem for 'Great Resignation'","duration":"03:41","sourceName":"CNN","sourceLink":"https://www.cnn.com","videoCMSUrl":"/video/data/3.0/video/business/2022/06/22/new-beyonce-single-break-my-soul-jobs-es-melas-vpx.cnn/index.xml","videoId":"business/2022/06/22/new-beyonce-single-break-my-soul-jobs-es-melas-vpx.cnn","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220621050316-01-beyonce-break-my-soul-file-large-169.jpg","videoUrl":"/videos/business/2022/06/22/new-beyonce-single-break-my-soul-jobs-es-melas-vpx.cnn/video/playlists/business-economy/","description":"CNN's Chloe Melas breaks down why Beyoncé's latest single may inspire fans to give up their jobs.","descriptionText":"CNN's Chloe Melas breaks down why Beyoncé's latest single may inspire fans to give up their jobs."},{"title":"Gary Cohn: Fed was late on interest rate hikes","duration":"03:12","sourceName":"CNN","sourceLink":"","videoCMSUrl":"/video/data/3.0/video/business/2022/06/21/gary-cohn-inflation-recession-federal-reserve-gr-orig.cnn/index.xml","videoId":"business/2022/06/21/gary-cohn-inflation-recession-federal-reserve-gr-orig.cnn","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220621132528-gary-cohn-talks-to-matt-egan-large-169.jpg","videoUrl":"/videos/business/2022/06/21/gary-cohn-inflation-recession-federal-reserve-gr-orig.cnn/video/playlists/business-economy/","description":"Former Trump economic adviser tells CNN's Matt Egan why the Federal Reserve waited too long to hike interest rates and why recession fears are real.","descriptionText":"Former Trump economic adviser tells CNN's Matt Egan why the Federal Reserve waited too long to hike interest rates and why recession fears are real."},{"title":"How raising rates could threaten demand and production","duration":"03:41","sourceName":"CNNBusiness","sourceLink":"https://www.cnn.com/business","videoCMSUrl":"/video/data/3.0/video/business/2022/06/17/fed-rate-hikes-supply-and-demand-economy-investment-manager-qmb-vpx.cnnbusiness/index.xml","videoId":"business/2022/06/17/fed-rate-hikes-supply-and-demand-economy-investment-manager-qmb-vpx.cnnbusiness","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220617133136-joanne-feeney-large-169.jpg","videoUrl":"/videos/business/2022/06/17/fed-rate-hikes-supply-and-demand-economy-investment-manager-qmb-vpx.cnnbusiness/video/playlists/business-economy/","description":"Low supply is a core source of the inflation problem, says JoAnne Feeney, Partner and Portfolio Manager at Advisors Capital Management. But raising rates to tackle the issue could pose its own set of problems, she explains.","descriptionText":"Low supply is a core source of the inflation problem, says JoAnne Feeney, Partner and Portfolio Manager at Advisors Capital Management. But raising rates to tackle the issue could pose its own set of problems, she explains."},{"title":"Executives torn on recession risk as fears grow for global economy","duration":"05:48","sourceName":"CNNBusiness","sourceLink":"https://www.cnn.com/business","videoCMSUrl":"/video/data/3.0/video/business/2022/06/16/marketplace-europe-recession-risks-economy-business-executives-davos-2022-quest-pkg-vpx.cnnbusiness/index.xml","videoId":"business/2022/06/16/marketplace-europe-recession-risks-economy-business-executives-davos-2022-quest-pkg-vpx.cnnbusiness","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220616151617-maurice-levy-large-169.jpg","videoUrl":"/videos/business/2022/06/16/marketplace-europe-recession-risks-economy-business-executives-davos-2022-quest-pkg-vpx.cnnbusiness/video/playlists/business-economy/","description":"Leaders at the World Economic Forum saw an uncertain \"dichotomy\" at play, as Russia's war on Ukraine continues to scramble economic growth.","descriptionText":"Leaders at the World Economic Forum saw an uncertain \"dichotomy\" at play, as Russia's war on Ukraine continues to scramble economic growth."},{"title":"The Fed anticipates more rate increases after announcing biggest hike in 28 years","duration":"02:03","sourceName":"CNNBusiness","sourceLink":"https://www.cnn.com/business","videoCMSUrl":"/video/data/3.0/video/business/2022/06/15/federal-reserve-interest-rate-hike-egan-sot-newsroom-vpx.cnnbusiness/index.xml","videoId":"business/2022/06/15/federal-reserve-interest-rate-hike-egan-sot-newsroom-vpx.cnnbusiness","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220615151340-10-jerome-powell-rate-hike-decision-0615-large-169.jpg","videoUrl":"/videos/business/2022/06/15/federal-reserve-interest-rate-hike-egan-sot-newsroom-vpx.cnnbusiness/video/playlists/business-economy/","description":"The Federal Reserve has raised interest rates by three-quarters of a percentage point to help tame inflation, and Fed Chairman Jerome Powell says more hikes are likely. CNN's Matt Egan reports. ","descriptionText":"The Federal Reserve has raised interest rates by three-quarters of a percentage point to help tame inflation, and Fed Chairman Jerome Powell says more hikes are likely. CNN's Matt Egan reports. "},{"title":"What the interest rate hike means for you","duration":"01:02","sourceName":"CNN","sourceLink":"","videoCMSUrl":"/video/data/3.0/video/business/2022/06/15/interest-rates-fed-christine-romans-orig-mss.cnn/index.xml","videoId":"business/2022/06/15/interest-rates-fed-christine-romans-orig-mss.cnn","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220615133300-hundred-dollar-bill-interest-rates-large-169.jpg","videoUrl":"/videos/business/2022/06/15/interest-rates-fed-christine-romans-orig-mss.cnn/video/playlists/business-economy/","description":"CNN's Chief Business Correspondent Christine Romans breaks down how higher interest rates will impact your wallet.","descriptionText":"CNN's Chief Business Correspondent Christine Romans breaks down how higher interest rates will impact your wallet."},{"title":"Realtor.com chief economist shares her advice for homebuyers and sellers","duration":"02:07","sourceName":"CNN Business","sourceLink":"","videoCMSUrl":"/video/data/3.0/video/business/2022/06/15/markets-now-homebuying-selling-advice-zw-orig.cnn-business/index.xml","videoId":"business/2022/06/15/markets-now-homebuying-selling-advice-zw-orig.cnn-business","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220520163214-us-homes-for-sale-0314-large-169.jpg","videoUrl":"/videos/business/2022/06/15/markets-now-homebuying-selling-advice-zw-orig.cnn-business/video/playlists/business-economy/","description":"Danielle Hale, Chief economist for Realtor.com, breaks down which regions of the country continue to have the most affordable housing despite record level home sales. Hale also shares advice for homebuyers and sellers in the current market.","descriptionText":"Danielle Hale, Chief economist for Realtor.com, breaks down which regions of the country continue to have the most affordable housing despite record level home sales. Hale also shares advice for homebuyers and sellers in the current market."},{"title":"He predicted US inflation would rise. Hear what he thinks about a recession","duration":"01:59","sourceName":"CNN","sourceLink":"http://www.cnn.com/","videoCMSUrl":"/video/data/3.0/video/business/2022/06/15/larry-summers-recession-inflation-fed-rate-hike-dlt-vpx-sot.cnn/index.xml","videoId":"business/2022/06/15/larry-summers-recession-inflation-fed-rate-hike-dlt-vpx-sot.cnn","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220615013448-larry-summers-june-14-2022-screengrab-large-169.jpg","videoUrl":"/videos/business/2022/06/15/larry-summers-recession-inflation-fed-rate-hike-dlt-vpx-sot.cnn/video/playlists/business-economy/","description":"Former US Treasury Secretary Larry Summers, who faced criticism from the Biden administration in 2021 for saying inflation would rise in the US, predicts that the US will likely see a recession in the next two years because of an \"overheated\" economy and says he expects interest rates will continue to rise.","descriptionText":"Former US Treasury Secretary Larry Summers, who faced criticism from the Biden administration in 2021 for saying inflation would rise in the US, predicts that the US will likely see a recession in the next two years because of an \"overheated\" economy and says he expects interest rates will continue to rise."},{"title":"Here's what the US economy can expect if a recession hits ","duration":"03:47","sourceName":"CNNBusiness","sourceLink":"https://www.cnn.com/business","videoCMSUrl":"/video/data/3.0/video/business/2022/06/13/recession-us-economy-inflation-zandi-qmb-vpx.cnnbusiness/index.xml","videoId":"business/2022/06/13/recession-us-economy-inflation-zandi-qmb-vpx.cnnbusiness","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220613151426-mark-zandi-large-169.jpg","videoUrl":"/videos/business/2022/06/13/recession-us-economy-inflation-zandi-qmb-vpx.cnnbusiness/video/playlists/business-economy/","description":"As more interest rate hikes are expected amid inflation, Moody's Analytics Chief Economist Mark Zandi predicts how long a recession may last, if it occurs, and how it could impact unemployment. ","descriptionText":"As more interest rate hikes are expected amid inflation, Moody's Analytics Chief Economist Mark Zandi predicts how long a recession may last, if it occurs, and how it could impact unemployment. "},{"title":"Former labor secretary on how Biden administration can combat inflation","duration":"03:20","sourceName":"CNN","sourceLink":"https://www.cnn.com","videoCMSUrl":"/video/data/3.0/video/business/2022/06/12/reich-inflation-economy-corporations-biden-administration-acostanr-vpx.cnn/index.xml","videoId":"business/2022/06/12/reich-inflation-economy-corporations-biden-administration-acostanr-vpx.cnn","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220612173050-robert-reich-newsroom-iso-vpx-large-169.jpg","videoUrl":"/videos/business/2022/06/12/reich-inflation-economy-corporations-biden-administration-acostanr-vpx.cnn/video/playlists/business-economy/","description":"Former labor secretary Robert Reich explains what the Biden administration could do to address rising inflation and soaring energy costs. ","descriptionText":"Former labor secretary Robert Reich explains what the Biden administration could do to address rising inflation and soaring energy costs. "},{"title":"How this mom is using coupons to combat inflation ","duration":"03:15","sourceName":"CNN","sourceLink":"https://www.cnn.com","videoCMSUrl":"/video/data/3.0/video/business/2022/06/12/couponing-inflation-mcmorris-santoro-ndwknd-vpx.cnn/index.xml","videoId":"business/2022/06/12/couponing-inflation-mcmorris-santoro-ndwknd-vpx.cnn","videoImage":"//cdn.cnn.com/cnnnext/dam/assets/220612074817-couponing-mcmorris-santoro-pkg-still-large-169.jpeg","videoUrl":"/videos/business/2022/06/12/couponing-inflation-mcmorris-santoro-ndwknd-vpx.cnn/video/playlists/business-economy/","description":"Couponing is on the rise as record-high inflation has led to tightening of household budgets nationwide. CNN's Evan McMorris-Santoro reports.","descriptionText":"Couponing is on the rise as record-high inflation has led to tightening of household budgets nationwide. CNN's Evan McMorris-Santoro reports."}],'js-video_headline-featured-bq15ed','',"js-video_source-featured-bq15ed",true,true,'business-economy');if (typeof configObj.context !== 'string' || configObj.context.length

Janet Yellen is confirmed as the first female Treasury secretary in US history (1)

Janet Yellen is confirmed as the first female Treasury secretary in US history (2)

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New York (CNN Business)Lawmakers confirmed Janet Yellen as Treasury secretary on Monday, making her the first woman in American history to hold the position.

As head of the Treasury, she'll be tasked with shepherding President Joe Biden's $1.9 trillion American Rescue Plan through Congress and overseeing its execution. The plan includes $1,400 stimulus checks, expanded unemployment benefits, and increased funding for Covid-19 vaccinations and testing.

During her confirmation hearing last week, Yellen defended the size and scope of the plan, saying the first priority of the incoming administration must be to get the nation and its people through the pandemic before addressing other concerns, including America's ballooning deficit or raising taxes.

    "Right now, with interest rates at historic lows, the smartest thing we can do is act big," she told the Senate Finance Committee.

      She made clear her No. 1 priority would be to provide relief for those in the greatest need — especially minority workers and women, who have been hit hardest by the downturn.

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      "The pandemic has caused widespread devastation," Yellen said in her testimony. "The damage has been sweeping, and ... our response must be, too."

      With broad bipartisan support from Wall Street to Washington, Yellen was widely expected to be confirmed. The Senate Finance Committee on Friday approved her nomination unanimously, 26-0.

        "It is hard to imagine a better prepared nominee to meet this great moment of need than Dr. Yellen," her Treasury secretary predecessors wrote in a letter backing her nomination.

          She's no stranger to breaking barriers in positions of power. In 2014, she became the first woman to run the Federal Reserve, and she will be the first person ever to have led the three most powerful economic bodies in government: Treasury, the central bank, and the White House Council of Economic Advisers.

          "Janet Yellen is brilliant and has a track record for being unflappable," Greg Valliere, chief US policy strategist at AGF Investments, said when her nomination made headlines in November. "She seems to be popular in all factions, from the financial markets to Main Street."

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