Biden Formally Nominates Yellen to Head Treasury Department
President-elect Joe Biden today formally nominated Janet Yellen to be his Secretary of the Treasury. Yellen, the chairwoman of the Federal Reserve from 2014-2018, would be the 78th Treasury Secretary and first woman to hold the position if confirmed by the U.S. Senate. The Treasury Secretary oversees the Internal Revenue Service (IRS), which administers the low-income housing tax credit (LIHTC), opportunity zones (OZ) incentive, renewable energy tax credits and–in partnership with National Park Service and State Historic Preservation Offices–the historic tax credit (HTC), as well as the Community Development Financial Institutions (CDFI) Fund, which administers the new markets tax credit (NMTC) incentive.
The effect of Biden’s cabinet nominees on affordable housing will be among the topics at the Novogradac 2020 Tax Credit Housing Finance Virtual Conference, Thursday and Friday.