U.S. President-elect Joseph R. Biden Jr. has nominated former U.S. Federal Reserve chairwoman Janet Yellen to be Secretary of the Treasury. If confirmed by the U.S. Senate, Yellen would be the first woman to lead the 231-year-old U.S. Treasury Department.

Yellen was the first woman to lead the Federal Reserve, which is America’s central banking system. She served as chair between 2014 and 2018, and was the body’s vice chair from 2010 to 2014, following an earlier term as a member of its board of governors and as president of the Federal Reserve Bank of San Francisco.

In related news, Biden announced the appointment of economist Jared Bernstein as a member of the Council of Economic Advisers.