Yellen Dismisses Rumors of Post-Midterm Departure

By: Alexander Rifaat

Treasury Secretary Janet Yellen batted down speculation that she could be leaving her post amid talk of a possible Cabinet reshuffle in the Biden administration following the midterm elections.

Asked during an October 24 interview on MSNBC about her intentions after the elections, Yellen said, “I plan to stay. I’m very excited about the president’s economic program. There’s a lot to implement.”

Earlier this month, Yellen said there was no truth to a report by Axios that the White House will replace her in the event of a poor midterm election result for Democrats.

Despite Yellen's presiding over several key administration tax policy wins in the Inflation Reduction Act (P.L. 117-169) — including $80 billion in additional IRS funding, a 15 percent corporate alternative minimum tax, and a slew of clean energy tax credits — a struggling economy has turned the spotlight on Biden’s economic team.

According to the latest consumer price index released by the Bureau of Labor Statistics, inflation is up 8.2 percent year over year.

According to the latest Politico/Morning Consult poll, 56 percent of respondents disapprove of Biden’s performance as president while 42 percent say the economy is the most important issue heading into the midterms.

The same poll found that 47 percent of respondents would trust Republicans in Congress with the economy, compared with 39 percent for Democrats.

While Yellen’s future remains unknown, the White House has confirmed that White House Council of Economic Advisers Chair Cecilia Rouse will step down from her position early next year.