According to persons familiar with the situation, White House officials are beginning to discreetly plann for Treasury Secretary Janet Yellen’s likely resignation after the November elections, the first and most crucial retirement in what could be a wholesale rearrangement of President Biden’s economic team as conditions in the U.S. continue to worsen.
While her possible retirement would provide Biden with a chance to address public concerns about his economic management, it would also present an immediate political problem for the Democratic administration: selecting a successor who can be approved by the Senate and will also help calm the U.S. economy and markets.
The process is still in its early stages, and no final decision on Yellen or any other Cabinet replacement has yet been made. According to many sources, the outcome of the November election, especially whether or not the Democrats end up controlling the Senate, will heavily influence whether or not Yellen remains in her position.
In addition to Yellen, authorities are reportedly also contemplating whether to have National Economic Council Director Brian Deese resign sometime next year.
The former Fed and CEA head has clashed with the White House on a number of high-profile topics, including the White House’s blame for rising inflation on companies and, most recently, Biden’s plan to cancel some student debt.
She has also made a number of utterances that White House insiders have privately described as political blunders that have harmed the Biden White House’s political agenda.
Yellen officially stated this summer that she was mistaken about inflation and also expressed her belief that raising interest rates would be somehow be a positive for the U.S. economy.
Officials within the White House are reportedly extremely irritated by the media’s focus on the historically high inflation numbers being experienced under Biden’s watch. A focus which has also included former political allies, including fellow Democrats such as former Treasury Secretary Larry Summers, who has claimed that the Biden administration’s economic policies have helped to fuel inflation.
The world’s presidents, central bankers, and finance ministers have also begun to grow increasingly concerned over the direction the world economy is heading.
Commerce Secretary Gina Raimondo and Fed Vice Chair Lael Brainard have reportedly been floated as two of the most probable replacements for Yellen should she be forced to depart after the midterms.
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