Janet YellenJoe Biden, elected president for Treasury secretary, called for “major” action on the COVID-19 epidemic and economic crisis during a hearing on his Senate endorsement on Tuesday. The Senate held a confirmation hearing Tuesday for Yellen and more key members Mr. Biden’s Cabinet.
“Economists don’t always agree, but I think there’s a consensus now: without taking further action, we now risk a longer and more painful recession – and a long-term scar on the economy,” Yellen argued.
Asked what the biggest “big bang for the buck” in economic relief would give, Yale replied, “The relief we give to those who need it the most and the small businesses that have been there is the best chance of providing relief to both.” Made a big deal of spending per dollar, “she said.” This will “create jobs for the whole economy.”
Mr Biden laid off millions of people early last year, just days after he launched an FDR-style vision to control the coronavirus and address the economic crisis.
“Over the next few months, we’ll need more help distributing vaccines; reopening schools; helping states keep firefighters and teachers employed,” Yale told Congress. “We will need more funding to make sure unemployment insurance checks still go out; and to help families who are at risk of starvation or losing a roof over their heads.”
Mr. Biden’s $ 1.9 trillion American rescue plan Provisions include increasing unemployment benefits by September and increasing from ડ 300 a week to 400 400 a week, sending direct relief to families in the form of 1,400 dollar checks, a national vaccine distribution plan and a range of other relief measures. Yellen accepted a 1.9 trillion price on Tuesday.
“The president was elected without appreciating the country’s debt burden and neither do I propose this relief package,” Yale said. “But right now, with historically low interest rates, this is the smartest thing we can do. In the long run, I believe the benefits will outweigh the costs, especially if we are careful to help people who are struggling. Too long. “
Senator Rob Portman of the Ohio GOP asked Yellen about the role of Treasury Secretary in creating a voice of “financial sensitivity” in the administration. She told him that in the short term she felt that “we can take whatever it takes to get the economy back on its feet, to go through the epidemic,” and she drew attention to research from other countries which suggests that, more often than not, Spending money “To address a weak economy, it ends up reducing the debt burden in the long run rather than failing to provide support. ”
“We have to make sure that the deficit we run in the end, if we do, is consistent with financial sustainability,” Yellen said, but noted that “the world has changed.” Yale predicted that interest rates would remain low for a long time to come, although he also said that interest rates are a risk that must be taken into account in “formulating a sustainable and responsible policy.”
Yellen, who previously served as Federal Reserve Chair from 2014 to 2018, said he believes the Treasury Secretary has a dual mission: to help Americans go through epidemics and return to work and rebuild the economy so that American workers can compete globally. .
Yellen was one of five Biden nominees to testify before Senate committees on Tuesday. State-appointed Secretary Tony Blinken, Secretary of Defense-appointed Retired General Lloyd in Stein, Homeland Security Secretary-Appointed Alejandro Mayorcas And the Director of National Intelligence Avril Haynes He also appeared before Senate MLAs.
If confirmed, Yellen will be the first woman to serve as the department’s treasury secretary in more than 230 years of history. She was also the first woman to previously serve as chair of the Federal Reserve.
The report was contributed by Adam Brewster.
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