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Janet Yellen, who was appointed as the next United States Treasury Secretary, said on the 19th that the next President Byden on the $ 1.9 trillion (about 197 trillion yen) economic measures previously announced in response to the novel coronavirus disaster. . By appealing to Congress for its early establishment, he emphasized the prospect of maintaining a low interest rate environment.
Yeren, who testified at the Senate Finance Committee’s nomination approval hearing, noted that a number of spending proposals, such as assistance for small and medium-sized businesses and the unemployed and assistance to state and local governments, are needed to combat the new Corona disaster. On the other hand, he expressed his position that he should not worry about the increase in the federal debt balance.
Former Chairman of the Federal Reserve Board (FRB), Yellen, has stated that “the world has changed” when it comes to interest rates. “In the ultra-low interest rate environment that we find ourselves in today, we are witnessing the interest burden not increasing even as the stock of debt increases relative to the size of the economy.”
Already in Yelen, the wall of the Republican Party, tour of “bold action” with stimulus measures
Byden, who plans to launch a second economic plan next month, aims to avoid a repeat of the weak economic recovery he has experienced since the last financial crisis. He was vice president at the time, but the hasty fiscal adjustment has delayed the full recovery of the labor market for years.
“The most important thing we can do is get rid of the pandemic, help the American people, and make long-term investments that will benefit future generations by growing the economy,” Yeren said. He warned that if the crisis is not addressed now, “the financial situation could get worse.” The Senate can approve Yeren’s appointment as Finance Secretary on the 21st, according to a schedule presented by Democratic Party Chief Weiden, who will become the next chair of the Senate Finance Committee.
Mr. Yeren, who testified remotely (January 19)
government: salesman of economic policy after years of defending the thoughts and actions of the Federal Reserve. Photographer: Anna Moneymaker / The New York Times / Bloomberg
However, Yelen’s argument did not immediately win the understanding of Republican lawmakers on the Commission. The Senate initiative will go to the Democratic Party on the afternoon of the 20th, but the support of Republican lawmakers is needed to quickly advance the economic measures bill.
“Although interest rates are currently relatively low, we know that things can change and we should not be too calm,” said Republican Rep. Portman, in terms of total national production (GDP). He added that the balance of the debt he saw was “horrifying.”
“The interest rate is low and the cost of borrowing is as if it were zero, but the reality is not. It requires repayment,” said Senator Soon, the party’s general secretary. If the cost of the loan goes up, you stabbed a nail.
Yeren, 74, said he intends to play a role in preaching financial soundness in the next administration’s budget debate and vowed to work on long-term sustainable federal financial management.
Original title:
Yellen opens a debate on giant spending saying ‘the world has changed’ （抜 粋）
