Senator Collins’ Statement on Confirmation of Janet Yellen as Treasury Secretary

Washington, D.C.—U.S. Senator Susan Collins issued a statement following her vote to confirm Dr. Janet Yellen to be the Secretary of the Treasury.  Dr. Yellen was confirmed by a vote of 84-15.

“As we face an economic crisis brought on by COVID-19, we will need steady, proven leadership at the Treasury Department.  A highly respected economist, Dr. Yellen served first as Vice Chair and then Chair of the Federal Reserve.  She has served under Democratic and Republican presidents and during periods of economic crisis and economic growth.

“Last year, I worked with my colleagues to deliver bipartisan relief for those who have been harmed by the pandemic.  We addressed the crisis in five bills totaling approximately $3 trillion.  Through subsequent negotiations in November and December on an additional $900 billion package, we secured a second round of Paycheck Protection Program forgivable loans for the hardest hit small businesses and extended unemployment programs, assistance for schools, vaccine delivery, and more.  But additional work remains. 

“During this crisis, Secretary Mnuchin proved himself to be an able partner to all of us in delivering this relief.  It is my hope that Treasury Secretary Yellen will build on our work.  In her testimony before the Senate Finance Committee and during the subsequent questions, Dr. Yellen made clear that she understands these needs.

“Our nation’s eight living former Secretaries of the Treasury have provided their support for the nomination.  The confirmation of Secretary Yellen helps ensure that President Biden has a qualified economic team in place.”