Janet Yellen sworn in as the Biden administration's Treasury Secretary

Regulation • January 25, 2021, 6:03PM EST
The Block

UPDATE 1:55 p.m. EST 1/26: 

Janet Yellen has officially been sworn in as Treasury Secretary, according to a statement from the Treasury Department:

"Earlier today, Vice President Kamala D. Harris administered the oath of office to Janet L. Yellen. Secretary Yellen is the first woman to lead the U.S. Department of the Treasury in its 231-year history, and the first person to have served as Treasury Secretary, Chair of the Council of Economic Advisers, and Chair of the Federal Reserve."

Janet Yellen will serve as the next Secretary of the Treasury Department following a vote Monday evening in the U.S. Senate.

At press time, the ongoing vote shows Yellen with 76 votes in favor to 12 against — more than enough to secure confirmation.

Yellen, who previously served as chairwoman of the U.S. Federal Reserve, cleared a key Senate committee on Friday, as previously reported, setting up the final confirmation vote. The first woman to lead the U.S. central bank, she is the first person to be appointed to lead the Treasury Department.

The now-confirmed Treasury Secretary takes over a federal department focused on a range of issues, including the economic fallout of the COVID-19 pandemic. 

Yellen will also play a role in oversight of the U.S.-based cryptocurrency industry. Focus points include a proposed — and currently frozen — tightening of AML/KYC rules for crypto wallets, as well as the implementation of rules for exchanges put forward by FATF.

During her prepared Senate remarks, Yellen offered a take on cryptocurrencies that recognize both potential benefits as well as risks. 

"Bitcoin and other digital and cryptocurrencies are providing financial transactions around the globe. Like many technological developments, this offers potential benefits for the U.S. and our allies," she wrote. "At the same time, it also presents opportunities for states and non-state actors looking to circumvent the current financial system and undermine American interests."