Biden Plans to Nominate Janet Yellen for Treasury Secretary

President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, people familiar with the matter said, choosing the first woman and a seasoned central banker for the nation’s top economic policy job as the coronavirus pandemic threatens another U.S. downturn.

In Yellen, Biden is likely to find support from both Wall Street, which feared a more provocative pick such as Senator Elizabeth Warren, and progressives, who were concerned he might choose someone too friendly to big banks and the wealthy.

If confirmed by the Senate, Yellen, 74, would have to help ...