Yellen Nominated to Head Treasury Department

President-elect Joe Biden has named Janet Yellen as his nominee for Secretary of the Treasury. Yellen was the chairwoman of the Federal Reserve from 2014 to 2018, and she would be the 78th Treasury Secretary and first woman to hold the position if confirmed by the U.S. Senate. The Treasury Secretary oversees the Internal Revenue Service (IRS), which administers the Low-Income Housing Tax Credit (LIHTC) program.

The current IRS Commissioner, Charles Rettig, was appointed by Trump, but his term doesn’t end until 2022. The president-elect hasn’t indicated whether or not he’ll seek to replace Rettig before his term ends.