1. Janet Yellen, Former Chief of the U.S. Federal Reserve, will be the U.S.’s first woman Secretary of Treasury. This is a major victory for women and may even have some unexpected consequences for finance policy. A thread: https://twitter.com/nytimes/status/1330970377753944070

2. Like most countries, the U.S. has never had a woman Sec. of Treasury. In our research @tiffanydbarnes , @b_armstrong95, and I find that only about 1/4 of countries have ever appointed a women to this post. Women are really unlikely to head finance/treasury in large economies.

3. But, with Yellen’s appointment to head the treasury, the U.S. breaks with this broader trend, joining France and Canada as the only G7 countries to ever allow a woman to oversee the economy.

4. That being said, we also find that women are especially likely to get selected to head treasury during financial & corruption crises. In this regard, Yellen’s appointment during perhaps the “worst economic crisis of our lifetimes” is consistent with broader global trends.

5. So, the appointment of Janet Yellen to Secretary of Treasury is noteworthy, particularly given that the US is the biggest economy in the world—and that (as with other notable women finance ministers) she will be expected to navigate a major financial crisis.

6. But, will Yellen’s appointment influence finance policies? Although we may not expect her to dramatically change the policy agenda, her appointment may bring new perspectives and approaches.

7. In fact, Yellen herself pointed out that women’s exclusion from top economic positions “likely constrains the range of issues addressed and limits our ability to understand familiar issues from new and innovative perspectives.” https://qz.com/1931308/former-fed-chair-janet-yellen-is-an-ideal-pick-for-us-treasury-secretary/

8. And, as Anna Gifty Opoku-Agyeman, co-founder of economics nonprofit @SadieCollective explained, “More diversity among decision makers during the 2008 financial crisis could have helped many Black and Latino Americans avoid devastating economic outcomes.”

9. For these reasons, diversity in leadership may be the most important during times of financial crisis. Indeed, my work with @tiffanydbarnes suggests that men and women do behave differently in cabinet posts. More on that in future, thanks to @NSF support! #NSFStories

10. Finally, check out our working papers on women finance ministers, here:
https://drive.google.com/file/d/1kXeFFyqSN7gYe5DUgX_AUk5HVjUORzR3/view

And here: https://drive.google.com/file/d/1kYsWtlXDryS_XL_Hd9DyTn5kTw6lnPTc/view