Treasury Secretary Janet Yellen preparing to depart White House after midterms: Report

The White House is gearing up for Janet Yellen to resign as Treasury Secretary in November, as Americans view the economy as one of their top concerns with only weeks to go before Election Day.

Her possible departure is in the early stages and would come after the 2022 midterms, people familiar with the case told Axiosand no decision has yet been made on a replacement.

Yellen would be the most sweeping exit from President Joe Biden’s White House to date, especially as the country grapples with record inflation and gas prices and a classically defined recession with two consecutive quarters of negative GDP growth.

While Yellen’s departure could give Biden a chance to respond to concerns about the government’s handling of the economy, it could also pose complications if Republicans win a majority in Congress.

Secretary of the Treasury is a Senate-confirmed post and it could be difficult to find a successor to Yellen if the Senate goes red in the November 8 midterm elections.

A department spokesperson claimed Yellen has no intention of stepping down, according to Axios

Republicans are deeply concerned about inflation and slowing economic growth — and it has become a cornerstone of GOP’s midterm coverage.

Biden’s approval rating is around the mid-thirties with just 41 days until the midterms.

A NBC poll conducted this month shows that 54 percent of voters in the key battlefields of Michigan, Pennsylvania and Wisconsin disapprove of Biden’s approach to the economy and unemployment.

Sixty percent say they disagree with the president’s handling of inflation.

Americans rank the economy as the biggest problem in the midterms of 2022. Inflation is at an all-time high, rising 8.3 percent in August, after a 40-year high in June of 9.1 percent

The White House has struggled with staffing problems, especially in the communications agency, since Biden took office. There has been a record number of departures compared to its recent predecessors.

President of the Council of Economic Advisers Cecilia Rouse is also expected to leave her cabinet position next year and return to her academic position in the spring of 2023.

“Chair Rouse will return to Princeton University at the end of her two-year public service leave, likely in early spring 2023,” a White House official said, according to Axios.

Officials are also considering the possibility that Brian Deese, director of the National Economic Council (NEC) will leave early next year.

Gene Sperling, who is currently tasked with coordinating the implementation of Biden’s $1.9 trillion US bailout, could take Deese’s place if he leaves the government. If that happens, Sperling will have served as NEC director for President Bill Clinton, Barack Obama and Biden.

“While we are tentatively making plans for potential post-midterm transitions, neither Secretary Yellen nor Brian Deese are part of those plans,” White House senior adviser Anita Dunn said in a statement.

Reports show that White House officials are preparing for a lot of turnover after the midterms and are looking for replacements ranging from senior staffers to cabinet posts.