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Original title: Yellen, the first Secretary of the Treasury in American history, will be sworn in tonight
On Tuesday morning Beijing time, the United States Senate approved a vote by 84 votes to 15, confirming Janet Yellen as the 78th Secretary of the United States Department of the Treasury.
According to market news, Yellen will be sworn in as US Secretary of the Treasury tonight ET.
The right time, the right person
Yellen, 74, is the first woman in the 231-year history of the United States Department of the Treasury to hold this position and the second person to serve as Chairman of the Federal Reserve and Secretary of the Treasury.(The first is G. William Miller), she will lead the Biden administration to meet the challenges of the epidemic and the economic recession.
Yellen at the confirmation hearing last week, He urged parliamentarians to take “critical action” in response to this epidemic. The epidemic has killed 400,000 Americans and left millions of people unemployed.
Although Senate Republicans questioned Biden’s economic proposal, they had little doubt about Yellen’s new job as Secretary of the Treasury.
As we all know, on the Senate Finance Committee, Democrats and Republicans have half the membership, and the two parties often have differences. However, 4 days ago, the US Senate Finance Committee. Voted 26Approve unanimouslyConfirmation process for the appointment of Yellen as Secretary of the Treasury.
Republican Senator Coryber said after the vote that he had serious disagreements with Yellen on many aspects, especially budget policy issues, but Republicans hoped to cooperate with Yellen, and Yellen promised to do so.
Oklahoma State Senator and Finance Committee member James Lankford said:
“There is no question that Yellen is qualified for this position.”
Kathy Bostjancic of the Oxford School of Economics also agrees:
“She is very talented and experienced. Yellen is the right person at the right time.”
Follow-up attention to the $ 1.9 trillion stimulus bill
As the epidemic spreads around the world and vaccines continue to be promoted across the United States, Yellen’s urgent challenge will be to boost the United States economy. How heavy are your loads? Just look at one set of data: Compared to the level before the epidemic, the number of people employed has decreased by about 10 million and the unemployment rate of workers on the minimum wage can exceed 20%.
Yellen promised at the nomination hearing a week ago:In the post-epidemic period, connecting businesses with the unemployed will be his top priority and he will continue to urge Congress to take “big action.”
In this regard, Yellen’s concerns about the increase in the US budget deficit have taken a back seat:
“Neither the president-elect nor I would think that the huge debt generated by the relief measures is a good thing, but now, with interest rates at historically low levels, our smartest approach is to make a difference. In the long term, I believe that the benefits will far outweigh the costs, especially if we care about helping people who are struggling for a long time. “
The first task of his term is undoubtedly to promote the implementation of the 1.9 trillion stimulus bill. Many politicians and business leaders also called for the introduction of a new round of stimulus bills as soon as possible. Dario, the founder of the world’s largest hedge fund, is one of them.
At the Davos virtual agenda meeting of the World Economic Forum yesterday, Dario called for a bipartisan solution to restore the economy after the epidemic:
“The United States needs an ambitious plan, similar to the Manhattan Project during World War II, that includes cooperation among many countries.”
But, of course, Yellen’s responsibilities as finance minister will go far beyond the stimulus bill.
About tax policyYellen said she will support fiscal policies that help the government spend on infrastructure, manufacturing, and R&D:
“It is very important that companies and the rich pay a reasonable share.”
Yellen is committed to achievingMultilateral trade agreementThis goes against the one-sided approach of the Trump administration.
At the nomination hearing, he spoke on other topics and expressedOn ultra-long 50-year US government bondsAnd he expressed interest in illegal activities.Use cryptocurrencies“Special attention.”
Another focus of his work isAddress climate change,Yellen described the problem as an “existing threat” and plans to appoint a “very senior” Treasury official to focus on financial system risks and tax incentives related to climate change.
Mark Haefele of UBS Global Wealth Management wrote that Yellen’s comments reinforced the view that “our debt, sustainability and localization will be greater in the coming years.”
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Editor in Charge: Guo Jian
