Many of US President Joe Biden's economic advisors, and nearly half of his approved cabinet-level officials, are women, including Treasury Secretary Janet Yellen, Commerce Secretary Gina Raimondo, and trade czar Katherine Tai. Biden's proposed $2.3 trillion spending plan provides $400 billion for the "care economy," which supports home- and community-based employment caring for children and seniors, work that has traditionally been done by women and has gone largely unnoticed in the past.

Hundreds of billions more are included in the initiative to address ethnic and rural-urban disparities that have been exacerbated in part by past economic, trade, and labor policies.

Yellen claims that the emphasis on "human resources" and the previous $1.9 trillion bailout bill would result in dramatic changes for women, whose percentage of the workforce had already fallen to 40-year lows before the crisis, and everyone else. “In the end, it may be that this bill would make 80 years of history: it starts to address the systemic issues that have ravaged our economies for the past four decades,” she tweeted. Experts believe that women leaders will bring a new approach to economic policy.

Rebecca Henderson, a Harvard Business School professor and author of "Reimagining Capitalism in a World on Fire," said, "When you're distinct from the majority of the community, you mostly see things a different way." She said, “You appear to be more responsive to alternative solutions,” which is exactly what the situation requires. “We are in the midst of a major crisis. New ways of thinking are required.”

While 57 women have served as president or prime minister of their countries in the last half-century, political decision-making structures have mostly been dominated by men until lately.

Outside of the US, Christine Lagarde leads the European Central Bank, which has a 2.4 trillion euro balance sheet, Kristalina Georgieva leads the International Monetary Fund, which has a $1 trillion lending capacity, and Ngozi Okonjo-Iweala leads the World Trade Organization, all of which were previously owned by men.

According to an annual report prepared by OMFIF, a research group for central banking and economic policy, women are in command of finance ministries in 16 countries and 14 of the world's central banks. Women seem to have a stronger track history of managing complex organizations through emergencies, based on the limited data available. “The evidence is very clear: societies are better, economies are better, and the environment is stronger when women are involved,” Georgieva said in January, citing findings from the IMF and other institutions.

“Women make excellent leaders because we demonstrate empathy and make a stand for those who are most disadvantaged. Women are more adamant than men... so they're more willing to compromise.” According to the American Psychological Association, states led by women had fewer Covid-19 deaths than states led by men, and the Harvard Business Review estimated that women received slightly better scores in 360-degree surveys of 60,000 leaders from March to June 2020.

Women make up less than 2% of financial institution CEOs and less than 20% of executive board members, but the institutions they operate are more financially robust and stable, according to an IMF report. During a meeting with Yellen and representatives of Christian and Jewish faith groups last month, Eric LeCompte, a UN consultant and executive director of a non-profit that campaigns for debt relief, said he got a clear difference.

He said, “I've been speaking with Treasury secretaries for 20 years, and their talking points have always been entirely different.” “Yellen stressed on being empathized and the effect of policies on disadvantaged populations in every region we discussed.” Her male counterparts took a "brass tacks" strategy, concentrating first on "numbers, not people," and not using terms like "susceptible," according to him.

According to a recent report by McKinsey, women represent 39% of the global workforce but account for 54% of employment losses. More than half of the 10 million jobs lost in the US during the Covid-10 crisis were held by women, and over 2 million women have left the workforce completely. According to the IMF, returning these women to work could raise gross domestic product by 5% in the US, 9% in Japan, 12% in the UAE, and a whopping 27% in India, the world's largest democracy.

According to Carmen Reinhart, the World Bank's chief economist, the growth of female leaders can contribute to "a more inclusive way can be the answer to numerous problems that are the legacy of Covid." Tai, the first woman of color to lead the US Trade Representative's office, has urged her workers to think "outside the box," promote diversity, reach out to groups that have been neglected in the past.

Okonjo-Iweala, the first African to lead the World Trade Organization, in 2019 oversaw trade flows worth nearly $19 trillion, said that resolving the concerns of women would be a critical move toward restoring confidence in government and global institutions. “The message for us is to ensure that we don't fall back into life as normal,” said Okonjo-Iweala, Nigeria's first female finance minister. “It's all about the citizens. It's all about diversity. She told Reuters, "It's about good jobs for ordinary citizens."