White House Considering Replacement of Treasury Secretary Yellen After Midterm Elections

Whether the Democratic Party Controls the Senate in the Midterm Elections Is a Key Variable

[Photo by Reuters Yonhap News]

[Asia Economy Reporter Byunghee Park] The White House is reportedly considering replacing Treasury Secretary Janet Yellen after the midterm elections in November, according to the American internet media Axios on the 28th.

Axios, citing sources, reported that White House officials are quietly preparing for Yellen's departure. It added that if Secretary Yellen steps down, it would be the first change in the Biden administration's economic team and could lead to a major reshuffle. Axios also reported that Brian Deese, Chair of the White House National Economic Council, might leave the White House as well.

However, discussions about the replacement are still in the early stages, and Yellen's replacement has not been confirmed. Sources pointed out that the results of the November midterm elections are a key variable. The successor must be confirmed by the Senate, and whether the Democrats can control the Senate is a crucial factor.

Secretary Yellen has shown disagreements with some of the Biden administration's policies, such as the large-scale student loan forgiveness, and is known to have acknowledged her initial misjudgment regarding the inflation issue.

If Yellen is replaced, potential successors include Commerce Secretary Gina Raimondo and Federal Reserve Vice Chair Lael Brainard.