Politics GOP Senator Suggests He May Oppose Biden's Treasury Pick, Says He 'Voted Against' Yellen for Fed

Senator John Barrasso, a Wyoming Republican, suggested that he may oppose President-elect Joe Biden's Treasury Secretary nominee Janet Yellen.

© Alex Wong/Getty Federal Reserve Chair Janet Yellen speaks during her last news conference in office on December 13, 2017 in Washington, D.C.

Although Biden has not officially announced Yellen to lead the Treasury Department, her expected nomination was first reported by The Wall Street Journal on Monday and later confirmed by multiple news outlets. Yellen served as the chair of the Federal Reserve under former President Barack Obama and under President Donald Trump, from 2014 until 2018. However, some Republicans, including Barrasso, opposed her nomination to that post as well.

Why Janet Yellen makes so much sense as Treasury secretary

Janet Yellen checks all the boxes in President-elect Joe Biden's quest to find a Treasury secretary who won't spook Wall Street, alienate progressives or forget about Main Street's plight.Janet Yellen checks all the boxes in President-elect Joe Biden's quest to find a Treasury secretary who won't spook Wall Street, alienate progressives or forget about Main Street's plight.

President-elect Joe Biden ’ s pick for Treasury was at the Fed for the better part of two decades, and saw first-hand how vital the cooperation of the two He noted in last week’s response to Mnuchin that Exchange Stabilization Funds were available to the Treasury secretary should a Fed facility need a

As President-elect Joe Biden started rolling out his administrative team, one voice has been notably silent: Senate Majority Leader Mitch McConnell. In announcing his national security team, Biden appealed Tuesday to the Senate to give the nominees “a prompt hearing" and "begin the work to heal

"I voted against her when she was brought up to be confirmed for the Federal Reserve," Barrasso, chair of the Senate Republican Conference, responded during a Wednesday interview with CNBC's Squawk Box, when asked if he'd vote against Yellen's nomination to lead the Treasury Department. "Everybody nominated after the inauguration in January is going to have to come for hearings, testify, answer questions and we'll make decisions at that time," he said.

"I voted against her when she was brought up to be confirmed for the Fed. Everybody nominated after the inauguration is going to have to come for hearings, testify, answer questions and we'll make decisions at that time," says @SenJohnBarrasso on Yellen's Treasury nomination. pic.twitter.com/kuzCIM0WDS

What the Yellen choice means for Biden and the economy

The president-elect’s pick for Treasury secretary will give him a close partner, steeped in knowledge of the Fed, who can navigate the wishes of progressive Democrats and the sensitivities of financial markets.Yellen, widely seen as the obvious choice when Biden teased last week that he had made his pick, is slightly untraditional for Treasury. Her pre-government background came largely as an academic economist and monetary policy expert. The top Treasury slot often goes to people — until now all men — with extensive corporate backgrounds and high-profile international experience.

He joins 'Closing Bell' to discuss what the incoming administration could do to bolster the economy. Mark Okada, CEO of Sycamore Tree Capital Partners, says markets are liking President-elect Joe Biden ' s pick of Janet Yellen as Treasury secretary.

President-elect Joe Biden ' s Treasury secretary will need Congress to approve re-use of 5 billion in funds that the Trump administration is taking back from Federal Reserve and Biden is expected to name former Federal Reserve chair Janet Yellen as his Treasury secretary, putting a woman in the

— Squawk Box (@SquawkCNBC) November 25, 2020

Barrasso said that Trump "was blockaded" by Democrats "every step along the way to get his people and this Cabinet nominated." He said it was "obstruction all the way by the Democrats."

In order to confirm Cabinet appointees, Biden will need the support of 51 senators. If there is a tie, Vice President-elect Kamala Harris will cast the deciding vote. With two Senate runoffs taking place in Georgia on January 5, it's still unclear which party will control the upper chamber of Congress. If Democrats win both the Georgia races—a difficult undertaking in a historically conservative state—the Senate would be evenly split, 50 to 50.

When Yellen's confirmation vote to chair the Federal Reserve was held in January 2014, 26 Republicans voted "nay" while multiple others—including Senate Majority Leader Mitch McConnell, a Kentucky Republican who was minority leader in 2014—did not vote. Although many of those GOP opponents remain in the Senate, other moderate Republicans such as Senators Susan Collins of Maine and Lisa Murkowski of Alaska voted to confirm Yellen. How her confirmation to the Treasury Secretary post will play out next year remains to be seen.

Fact check: Some inauguration prep is underway, but a viral photo of it is actually from 1993.

A photo purports to show preparations for Joe Biden's inauguration. But, it's actually from Bill Clinton's inauguration in 1993.Dump Trump — a page on Facebook that opposes President Donald Trump — posted a photo that purports to show preparations for the day occurring on the lawn behind the White House on Nov. 21.

BIDEN ' S TEAM: Biden is preparing to formally announce his national security team to the nation. Awaiting Yellen at Treasury : Yet another daunting crisis. Biden names climate statesman John Kerry as climate envoy. Carl Bernstein says 21 GOP senators contemptuous of Trump.

GOP senator has "no doubts" about Biden treasury secretary nominee's "integrity or technical expertise". Meadows said he had appointed liaisons in each office to be the point of contact and said that person should deal Biden ' s pick for director of national intelligence, Avril Haines, a former top

Democrats are concerned that McConnell and Senate Republicans will be able to successfully block the Biden administration's agenda if they retain control of the upper chamber of Congress. McConnell has declined to even hold votes on many pieces of legislation passed through the Democrat-controlled House of Representatives—preventing them from moving forward in the legislative process.

It appears unlikely that McConnell would have enough votes to prevent Biden from securing key Cabinet appointments, as at least several moderate Republicans would be expected to approve them. But Democrats and Republicans are both touting the importance of the two Senate runoffs in Georgia—with GOP lawmakers arguing they need the seats to block the president-elects agenda and Democrats saying they are vital for success in Biden's first two years.

Newsweek reached out to Biden's transition team and Senate Majority Leader Mitch McConnell, a Kentucky Republican, for comment, but they did not immediately respond.

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