Report: Senior economic figures ready to leave Biden White House

The Biden administration may be in for a major shakeup as reports have emerged that Treasury Secretary Janet Yellen is planning to step down following this year’s midterm elections. 

In an article published on Tuesday, Axios cited “people familiar with the matter” who indicated that “a broad reorganization of President Biden’s economic team” is in the works.

Yellen has admitted to being wrong about how severe inflation would get

The piece noted that Yellen has faced criticism over the administration’s handling of inflation and the Treasury secretary herself admitted earlier this year that she had been wrong about how serious the problem would become.

“I was wrong about the path inflation would take,” Yellen acknowledged during an interview this past May with CNN host Wolf Blitzer.

“There have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly, that at the time I didn’t fully understand,” she said.

“But we recognize that now,” Yellen continued, adding, “The shocks to the economy have continued, but inflation is the number one concern for President Biden.”

A Gallup poll published earlier this month found that 56% of Americans say rising prices “are causing financial hardship for their household,” up from 45% who said the same last November.

White House denies that Yellen is on the way out

Yellen may not be the only one with an exit plan, as Axios also reported that National Economic Council Director Brian Deese could be ready to leave as well.

What’s more, Axios also noted that Cecilia Rouse is expected to return to academia in 2023. Rouse currently chairs the Council of Economic Advisers.

However, White House senior adviser Anita Dunn provided a statement to Axios which denied that a departure by Yellen or Deese is imminent.

“While we are prudently planning for potential transitions post-midterm, neither Secretary Yellen or Brian Deese are part of those plans,” she insisted.