President-elect Joe Biden has announced that he will nominate former Obama-era Federal Reserve Chair Janet Yellen as the new secretary of treasury, according to the Wall Street Journal.  If confirmed, she will be the first woman treasury secretary after having already become the first woman Fed chair, and the only person, male or female, to have held both positions, as well as leadership of the White House Council of Economic Advisers, in a single career.

She was selected as someone with broad appeal who could satisfy numerous stakeholders. CNN noted that her emphasis on the labor market while Fed chair, as well as her imposition of harsh sanctions on Wells Fargo for consumer abuses, appeals to progressives, while her technocratic approach that downplayed ideology, as well as good market performance during her tenure, earned the respect of Wall Street at the same time. Meanwhile, she is a known quantity with an extensive Rolodex of foreign finance officials that could serve her well during her term.

Many Republicans also respect her, which will make it difficult to block her nomination in the Senate, according to Politico, likely a key consideration to Biden in shying away from more controversial picks, such as Sen. Elizabeth Warren (who, herself, praised the pick). Even Gary Cohn, who served as President Trump’s National Economic Council director, said Yellen was a sound choice.