Dealbook DC Policy Project Live Updates: Janet Yellen on Rebooting the Economy

Treasury Secretary Janet Yellen opened the Deal Book DC Policy Project on Monday, moderated by Andrew Ross Sorkin of the New York Times about the prospects of post-epidemic recovery.

Discussion features:

  • “We need to ensure that those most affected will not be permanently scarred by this crisis,” she said. Said Yale. He said, “We can use a lot of metrics to judge success. “Success, for me, if we can recover from the pre-epidemic of unemployment and see the re-employment of people who have lost their jobs, especially in the service sector, is a success for me.”

  • “Of course, one of the main tasks for the Treasury Secretary is to ensure that our country has a financial course.” “There are economic costs if you don’t spend what you need to get the economy back on track quickly.” However, the U.S. Debt levels are much higher than at the time of the 2008 financial crisis, due to lower interest rates, and today the share of interest payments as part of GDP is roughly the same, she noted. “I think we have more financial space than ever before because of the interest rate environment, and I think we should consider using it.”

  • The so-called digital dollar lar, operated by the Federal Reserve and based on blockchain, can result in “faster, safer and cheaper payments.” There are also questions for a first settlement. “What will be the impact on the banking system? Will it cause a huge movement of deposits from banks and into the Fed? Will the Fed deal with retail consumers or try to do this at the wholesale level? Concerned about financial stability? There are many things to consider here, but it is worth looking at how we will manage the issues of money laundering and illicit money. ”

  • “I don’t think Bitcoin is widely used as a transaction method,” Ms. Said Yale. “It’s a highly passive way of conducting transactions and it’s amazing how energy is used to process those transactions.”

  • “I find it exciting that many American companies are recognizing climate change as something we really want to tackle meaningfully in the coming decade,” Ms. Said Yale. Similar to diversity in corporate America. “I don’t know if there is a need to make a law,” Ms. Yale said, but, “First of all, I think it’s inappropriate. And second, in terms of the performance of organizations, there is a great deal of research that shows that different organizations perform completely differently. So this is an important goal and it is in my mind in the Treasury where promoting diversity and inclusion will be a major objective. “

  • “We need to understand and elaborate on the facts of the matter,” he said of the trading frenzy surrounding Gamestop’s stock, adding that the Securities and Exchange Commission was preparing a report that could provide information on possible regulatory action. “Are investors well informed and safe? I think it is a really important question and it will come to a conclusion very soon, “he said.

  • And finally, why does it take so long to add a portrait of Harriet Tubman to the 20 bill? “It’s a complex manufacturing process, so it takes longer to issue a new set of bills than you can imagine.” “But I promise I’ll do my best to make this happen faster and I’d love to see Harriet Tubman honored on our currency.”

The Deal Book is the first day of the DC Policy Project, bringing together top policymakers and business leaders to discuss priorities for moving the country and the world forward. Today, speakers consider the shape of economic recovery, how to keep power in the account, the future of travel, and where to focus stimulus funds. Register here to attend for free anywhere in the world.

Today’s lineup (all time Eastern):

9 am – 9:25 am

At the top of the way 1.9 trillion economic aid plan by Congress, the White House is raising the possibility of another major spending package focused on infrastructure. Although the economy is recovering faster than expected, it remains fragile and uneven. This is the path to navigate Janet Yellen, The former Federal Reserve chair, who took over as Treasury Secretary last month.

2:30 p.m. – 3 p.m.

Letia James There are more specialized cases and investigations on its plate today than most lawyers would manage in a lifetime. How she uses her power – from claiming worker safety on Amazon to dismissing a death appeal in a nursing home, to former President Donald J. An investigation into Trump’s business dealings and many other actions – also highlights how states can shape national policy.

3:30 p.m. – 4 p.m.

Last year was “the most difficult year in Delta’s history.” Ed Bastian, Chief executive of the airline. The carrier reported more than ડો 12 billion in travel losses during the epidemic. In addition to realizing the economic effects of the epidemic, the airline industry has been at the center of health policy discussions, such as whether or not to make masks mandatory and require coronavirus tests before travel.

4 p.m. – 4:30 p.m.

After stepping down as chief executive of Microsoft Microsoft in 2014, Steve Ballmer Owner of the National Basketball Association team and U.S.FFTS. Engaged as the founder of Na, a for-profit group, dedicated to presenting data about the United States in easy-to-read forms. The group’s goal, in his words, is to “find out what the government really does” with taxpayers’ money and highlight the area where spending could be most affected.