Biden is set to nominate the former Fed Chair as the new Treasury Secretary

On Monday, the Wall Street Journal reported that Joe Biden, the current U.S. president-elect, is looking to introduce the Former Fed chair Janet Yellen to succeed Steven Mnuchin, the Treasury Secretary when he takes office early next year. However, all nominees will have to be vetted by the Senate. Reportedly, Yellen, Roger Ferguson- the former Fed Vice-Chair, and Lael Brainard- Federal Reserve Governor are seen as the most preferred candidates. It should be noted that Yellen was responsible for running the U.S. central bank between 2014 and 2018 when it was facing relatively low inflation. Not a fan of bitcoin