According to a report, White House officials are considering the possibility of Janet Yellen’s departure as Treasury Secretary following the November elections. This is part of a Cabinet shakeup.
Sources familiar with the matter said that the decision is not final and will depend on the outcome of midterm elections. The Senate will have to confirm Yellen’s successor, which could prove difficult if the Republican Party gains control of the upper chamber.
According to the outlet, officials are also looking into whether Brian Deese (director of the National Economic Council) could leave the organization in the new year.
Deese spoke at the Economic Club of D.C. Tuesday to say that he has “no plans” to leave the Biden administration.
Deese said, “I have my head down and I’m certain fully, completely absorbed in what we’re doing.”
Lily Adams, a Treasury spokesperson, stated that Yellen does not plan to leave.
The White House didn’t respond to a request for comment.
This report comes as polls show that President Joe Biden’s economy handling is still a political liability to Democrats.
Yellen, in particular, has been criticized for her approach to rising prices. She admitted this summer during a CNN interview that she was wrong about the direction prices would go. Last year, the secretary cautioned that there was only a “small chance” of inflation.
At 8.3% in August, inflation was higher than forecasts.
In response, the Federal Reserve has increased interest rates.
Biden, however, has continued to deny talk of stubborn inflation and insists that it was “hardly at all” during rare interviews with 60 Minutes.