Biden Treasury Secretary Pick Pledges To Address US Economy's Structural Problems

WASHINGTON (Pakistan Point News / Sputnik - 02nd December, 2020) Janet Yellen, presumed US President-elect Joe Biden's nominee for Treasury Secretary, said on Tuesday that she would address the US economy's underlying structural problems and would favor urgent measures to extinguish the economic crisis induced by the coronavirus measures.

"It's essential that we move with urgency. Inaction will produce a self-reinforcing downturn causing yet more devastation. And we risk missing the obligation to address deeper structural problems," Yellen said after Biden officially introduced his economic team picks.

Yellen said the problems plaguing the US economy include inequality, stagnant wages as well as racial and gender disparities.

"It's a convergence of tragedies that is not only economically unsustainable, but one that betrays our commitment to giving every American an equal chance to get a hand," Yellen said. "But I know this team will never give up that commitment."

If approved by the Congress, Yellen will be the first woman to become Treasury Secretary.

Yellen is a labor economist, most known for her research into the factors affecting unemployment and wages and, and served as a former Federal Reserve board Governor.

US media networks have projected Biden to be the winner of the November 3 presidential election. While Biden has declared victory so has incumbent President Donald Trump, who said victory was stolen from him via massive election fraud and acts of impropriety.

Trump has sought recounts in several states and filed lawsuits in state and federal courts, saying only legal votes should be counted and illegal votes should be discarded. Several states have said they did not find widespread evidence of election and voter fraud.