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November 23, 2020

Washington, D.C. - The Institute of International Finance today released the following statement from IIF President and CEO Tim Adams after reports that former Federal Reserve Chairwoman Janet Yellen has been chosen as President-elect Biden’s Treasury Secretary nominee:

“Janet Yellen is an extraordinary choice for Treasury Secretary, and should be swiftly confirmed by the Senate. She is a world class economist and dedicated public servant, and will be a trusted, steady, and pragmatic hand on the helm as the U.S. navigates the economic recovery from the COVID-19 pandemic.

“Her nomination is historic for many reasons, from breaking yet another glass ceiling, to the dire economic situation she will inherit on the first day on the job. Perhaps most importantly is how qualified Yellen is to meet this challenge head-on. Her experience and list of accomplishments are unparalleled.

“In the coming months we look forward to working with the Treasury team on key priorities, including facilitating the financial sector’s critical and continued support of the economy throughout the pandemic, and mitigating the increasing risk that climate change poses to our environment, economy, and financial system.”

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The Institute of International Finance is the global association of the financial industry, with more than 450 members from more than 70 countries. Its mission is to support the financial industry in the prudent management of risks; to develop sound industry practices; and to advocate for regulatory, financial and economic policies that are in the broad interests of its members and foster global financial stability and sustainable economic growth. IIF members include commercial and investment banks, asset managers, insurance companies, sovereign wealth funds, hedge funds, central banks and development banks.