YELLEN CONFIRMED AS 1ST FEMALE U.S. TREASURY SECRETARY

Lawmakers confirmed Janet Yellen as Treasury secretary on Monday (Tuesday, January 26, 2021, in Manila), making her the first woman in American history to hold the position, Anneken Tappe ad Matt Egan reported for CNN Business.

As head of the Treasury, she'll be tasked with shepherding President Joe Biden's $1.9 trillion American Rescue Plan through Congress and overseeing its execution. The plan includes $1,400 stimulus checks, expanded unemployment benefits, and increased funding for COVID-19 vaccinations and testing.

During her confirmation hearing last week, Yellen defended the size and scope of the plan, saying the first priority of the incoming administration must be to get the nation and its people through the pandemic before addressing other concerns, including America's ballooning deficit or raising taxes.

"Right now, with interest rates at historic lows, the smartest thing we can do is act big," she told the Senate Finance Committee. She made clear her No. 1 priority would be to provide relief for those in the greatest need — especially minority workers and women, who have been hit hardest by the downturn.

"The pandemic has caused widespread devastation," Yellen said in her testimony. "The damage has been sweeping, and ... our response must be, too."

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