Yellen, a former Fed chair, has advocated for more spending to aid small businesses and the unemployed during COVID-19.
Fed programs and policy have helped ease economic pain during the pandemic. In its dwindling days, the Trump administration will end some of those emergency programs Dec. 31.
Biden's COVID task force is expected to tackle funding for state and local governments, as well as schools and small businesses.
The deadline for filing information with the IRS to get the money is Nov. 21.
Social distancing and wearing masks will help get the economy back to full strength, Powell said Thursday.
The decline in unemployment has slowed since an early rebound from the first wave of COVID-19 shutdowns.
When variables include who will be president and who controls Congress, GDP and unemployment forecasts look very different.
Analysts predict the outcome of the election will play a key role in what legislation makes it through the legislative process before the end of this year.
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin resumed negotiations on a new stimulus package Friday afternoon.
And that's likely to hurt families who are already stretched to the limit.