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Biden plans to nominate topmost economist Janet Yallen as Treasury Secretary: Reports

The reports of her potential nomination were seen as welcome news by the financial market in New York, which was reflected in surging stocks.

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economist Janet Yallen

Washington: US President-elect Joe Biden is planning to nominate former Federal Reserve Chair Janet Yallen as his Treasury Secretary to lead his economic response to the raging coronavirus pandemic, which has wreaked havoc on the world’s biggest economy and led millions of Americans to lose their jobs.

A formal announcement on 74-year-old Yellen would be made soon, according to The Wall Street Journal and The Washington Post. The Treasury Secretary is fifth in the presidential line of succession.

If confirmed by the Senate, Yellen would be the first woman to hold the job.

Currently at the Brookings Institute think-tank, she was Federal Reserve Chair from 2014 to 2018 and was Chair of the White House Council of Economic Advisors from 1997 to 1999.

Ms Yellen, who was the first woman to lead the Fed, would become the first person to have headed the Treasury, the central bank and the White House Council of Economic Advisers, The Wall Street Journal said.

The Biden-Harris administration, however, did not comment on the potential announcements.

The President-elect looks forward to announcing some members of his economic team early next week who will work with him to build the economy back better, said Jen Psaki, an advisor to the transition.

Her nomination would be one of the early signs that shows Biden plans to lean on experienced Washington veterans to lead the government next year, The Washington Post reported.

The reports of her potential nomination were seen as welcome news by the financial market in New York, which was reflected in surging stocks.

Janet Yellen is an excellent choice. There’s a lot to be excited about, but here’s a big one: As a former Fed chair, she has great relationships across the globe. She can start repairing the damage in economic diplomacy from the past four years, said Michael R Strain, Director of Economic Policy Studies at American Enterprise think-tank.

Yellen is an excellent choice for Treasury Secretary. She was my boss when I was a Senior Economist for International at the Council of Economic Advisors in 1998-99. The most wise boss ever! said Nouriel Roubini, New York University economics professor.

According to The Wall Street Journal, she is viewed by Biden transition officials as a credible authority on the dangers of prematurely withdrawing government stimulus and as someone who could collaborate closely with the Fed and executive-branch agencies to engineer more support if Congress is reluctant to take additional action.

Janet Yellen is an excellent choice for Treasury Secretary. Having had the opportunity to work with then-Chair Yellen, I have no doubt she will be the steady hand we need to promote an economy that works for everyone, especially during these difficult times. Congratulations, said Gary Cohen, who served as Assistant to the President for Economic Policy and Director of the National Economic Council from January 2017 until April 2018.

According to Johns Hopkins data, there are 58,696,029 COVID-19 cases and 13,88,724 deaths across the world. The US has recorded more than 12 million cases and 255,000 deaths, the highest tolls registered anywhere in the world.

The US economy, the world’s biggest, lost millions of jobs due to the coronavirus pandemic which battered the global economy. Economists said that the US economy entered recession in late March, when nearly the whole country went into lockdowns.

World

French government urges Russia to immediately release Navalny

He also informed Putin that France’s own analysis had confirmed Germany’s conclusion that Navalny was poisoned by Novichok “in contravention of international norms on using chemical weapons”.

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emmanuel macron

French President Emmanuel Macron on Monday urged his Russian counterpart Vladimir Putin to urgently shed light on the “attempted murder” of opposition figure Alexei Navalny after French tests confirmed the use of the Novichok nerve agent, the Elysée said.

Macron told Putin in telephone talks that it is “imperative that all light be shed, without delay, on the circumstances of this attempted murder and who is responsible”, the French presidency said in a statement.

Read: Russian opposition leader Alexei Navalny detained after landing in Moscow

He also informed Putin that France’s own analysis had confirmed Germany’s conclusion that Navalny was poisoned by Novichok “in contravention of international norms on using chemical weapons”.

Putin, for his part, told Macron that it was “inappropriate” to make groundless accusations against Russia over the suspected poisoning of Navalny, the Kremlin said.

The Russian leader said his country wanted Germany to hand over medical test results taken from Navalny, according to a Kremlin readout of the call.

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World

Russian opposition leader Alexei Navalny detained after landing in Moscow

Russian prison service said he was detained for multiple violations of parole and terms of a suspended prison sentence.

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Alexei Navalny

Russian opposition leader Alexei Navalny was detained at a Moscow airport after returning from Germany on Sunday, the prison service said.

The prison service said he was detained for multiple violations of parole and terms of a suspended prison sentence and would be held in custody until a court makes a decision in his case.

Mr. Navalny, who is President Vladimir Putin’s most prominent and determined foe, had spent the previous five months in Germany recovering from a nerve agent attack that he blamed on the Kremlin.

Mr. Navalny decided to leave Berlin of his own free will and wasn’t under any apparent pressure to leave from Germany.

The prison service made the announcement after the flight carrying Mr. Navalny landed in the Russian capital, though at a different airport than had been scheduled. It was a possible attempt to outwit journalists and supporters who wanted to witness Mr. Navalny’s return.

The prison service last week issued a warrant for his arrest, saying he had violated the terms of suspended sentence he received on a 2014 conviction for embezzlement. The prison service has asked a Moscow court to turn Mr. Navalny’s 3 1/2-year suspended sentence into a real one.

After boarding the Moscow flight in Berlin on Sunday, Mr. Navalny said of the prospect of arrest: “It’s impossible; I’m an innocent man.”

The Kremlin has repeatedly denied a role in the opposition leader’s poisoning.

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Health

13 Israelis suffer facial paralysis post inoculation

“For at least 28 hours, I walked around with it (facial paralysis),” one person who had the side effect told Ynet.

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Jerusalem, Jan 17 : At least 13 Israelis suffered mild facial paralysis as a side effect after receiving the first Covid vaccine jabs, the Health Ministry said, adding that the count could be higher.

The officials have raised questions on whether or not to administer the second dose to these individuals the Health Ministry had recommended for the second dose, reported the Jerusalem Post.

“For at least 28 hours, I walked around with it (facial paralysis),” one person who had the side effect told Ynet.

“I can’t say it was completely gone afterwards, but other than that I had no other pains, except a minor pain where the injection was, but there was nothing beyond that.”

As for receiving the second dose, he admits he is undecided, but says that “it is important to note that this is something rare, and I don’t want people to avoid getting vaccinated – it’s important”.

“I recently came across, for example, someone vaccinated who was dealing with paralysis, and decided not to give her a second dose,” Galia Rahav, Director of the Infectious Diseases Unit at Sheba Medical Centre told Ynet.

“It is true that it can be given according to the Health Ministry, but I did not feel comfortable with it.”

She added that, “No one knows if this is connected to the vaccine or not. That’s why I would refrain from giving a second dose to someone who suffered from paralysis after the first dose.”

However, the Health Ministry has assured of the second dose only when the paralysis passes, Ynet reported.

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