Treasury Secretary Janet Yellen has told President Joe Biden she will remain in her post for the next two years as the White House faces growing challenges including the need to raise the nation’s borrowing limit, people familiar with the matter said.
Yellen, whose decision has been the subject of internal chatter for months, agreed to a request from Biden to stay on in the administration’s top economic policymaking post during a recent one-on-one meeting, said two senior White House officials, who asked to remain anonymous to discuss a personnel issue.
Speculation about Yellen’s fate began circulating last year as inflation soared and the White House struggled to deliver a coherent economic message. Yellen also drew criticism for acknowledging that she had been mistaken in believing that inflation would be "transitory," a view that was shared by Federal Reserve Chair Jerome Powell and many others.
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