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With Yellen in charge, Biden’s Treasury Department will be prepared to join Fed Chairman Jerome Powell’s policy of lower-for-longer interest rates with extended, expansionary government spending.

President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary.

Fed Governor Lael Brainard has slipped from among top contenders for Treasury secretary under Joe Biden, according to people familiar with the matter, as the president-elect’s team winnows its choices for key positions.

The Federal Reserve said Friday it would comply with a Treasury Department request to return unused funds meant to backstop five emergency lending programs, moving to tamp down a public rift that arose a day earlier.

Analysts, issuers and lawmakers have mixed responses to the closure of the Municipal Liquidity Facility with some saying the move puts the municipal market in a precarious spot as COVID-19 continues to ravage the country.

While the facilities' availability inspired market confidence, the fact that $455 billion remains unused suggests shutting down the programs is unlikely to cause major problems, analysts say.

Treasury Secretary Steve Mnuchin told Fed Chair Jerome Powell to end most emergency lending programs created earlier this year, including the MLF, on Dec. 31.

Former Pennsylvania Gov. Edward Rendell said President-elect Biden will move on a pandemic relief bill early in his presidency and a robust infrastructure package would soon follow. Others see scaled-down aid and an upward partisan battle.

Comptroller Stringer said Mayor de Blasio can present his updated Financial Plan with a path to a balanced budget for fiscal 2022 without cuts to essential services, layoffs of city workers, or borrowing to support operating expenses.

Candidates for the next U.S. Secretary of Transportation bring something new to the table than in previous years — deep understanding of the municipal bond market.