Word that President-elect Joe Biden will nominate Janet Yellen to be his secretary of the treasury should be taken as good news, both here and around the world. Having served as chairwoman, vice-chairwoman, and as a governor with the Federal Reserve Board, the head of the Council of Economic Advisers, and the president of the Federal Reserve Bank of San Francisco, and having taught economics at top universities over several decades, Janet Yellen is a known quantity — and a highly regarded one at that.

By her actions, she has shown that she has a hard-headed appreciation of facts, data, economic realities, and their logical and consistent application. She knows how to build and maintain critical relationships when seeking to achieve important goals. And she understands that behind abstract numbers such as the GDP, the unemployment rate, and the interest rate fetched by 30-year mortgages lie the fortunes and lives of real people, families, and communities.