Is Biden About to Lose a Cabinet Member? Rumors of Infighting Could Mean Exit After Midterms: Report
Treasury Secretary Janet Yellen may leave her post following the midterm elections.
Though a decision has not been made, the Biden administration is preparing for Yellen’s departure and is already searching for a potential replacement, Axios reported, citing White House sources.
Yellen is reported to be frequently at loggerheads with Biden’s advisers on economic issues.
According to Axios, Yellen came under fire within the Biden administration for admitting in June that she was “wrong about the path inflation would take” and advocating for the Federal Reserve to raise interest rates to combat inflation.
Additionally, she reportedly disagreed with Biden’s decision to cancel federal student loan debt and the administration’s effort to blame corporations for inflation.
Yellen’s departure has not been confirmed, with some in government denying that it will occur. A spokeswoman for the Treasury Department told Axios that Yellen “has no plans to leave,” a statement echoed by Biden senior adviser Anita Dunn.
The director of the National Economic Council, Brian Deese, is also rumored to be leaving the administration after November’s midterms.
Deese is Biden’s top economic adviser and has taken a primary role in crafting the administration’s major legislative initiatives, including the American Rescue Plan Act, Inflation Reduction Act and Infrastructure Investment and Jobs Act. Deese has denied that he intends to depart.
Officials have confirmed that another one of Biden’s economic advisers, Cecilia Rouse, will leave the administration. Rouse, currently the chair of the Council of Economic Advisors, is on two-year public service leave as a professor of economics at Princeton University. Her leave ends in 2023.
It is common for senior members of an administration to leave after midterm elections.
Though some of Biden’s other advisers, such as chief medical adviser Dr. Anthony Fauci, have announced plans to retire from government service this year, the administration has had a lower turnover rate than its six predecessors, CNN reported.
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