Economy

Treasury Secretary Janet Yellen’s nominee to call for “major” action in the Senate confirmation hearing

Treasury Secretary Janet Yellen's nominee to call for "major" action in the Senate confirmation hearing

Janet YellenShe will call, President-elect Joe Biden, the chancellor of the exchequer, for “major” action on the COVID-19 pandemic and the economic crisis at the Senate appointment session on Tuesday, according to statements prepared by CBS News. The Senate will begin hearings on Tuesday for the approval of Yellen and more key members Mr. Biden’s office.

“Economists don’t always agree, but I think there is a consensus now: Without further action, we risk a longer and more painful recession now – and long-term scars to the economy at a later time,” Yellin says.

Its call to action comes just days after Mr Biden laid out a Franklin Roosevelt-style vision to control the coronavirus and tackle the economic crisis that has left millions of people disrupted since early last year.

“Over the next few months, we will need more aid to distribute the vaccine, to reopen schools, to help countries keep firefighters and teachers at work,” Yellen said in her remarks. “We will need more funding to make sure unemployment checks continue to be cashed out; and to help families at risk of starvation or losing the roof over their heads.”

Biden’s $ 1.9 trillion US bailout Includes provisions such as extending improved unemployment benefits until September, increasing those benefits from $ 300 this week to $ 400 per week, sending direct relief to families in the form of checks for $ 1,400, a national vaccine distribution plan and a series of other relief measures that will approve. At $ 1.9 trillion on Tuesday.

“Neither the president-elect, nor myself, are proposing this exemption package without estimating the country’s debt burden,” Yellin says. “But right now, with interest rates dropping to historically low levels, the smartest thing we can do is act big. In the long run, I think the benefits will outweigh the costs a lot, especially if we care about helping people who are struggling for a very long time. . “

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Yellen, who previously served as Federal Reserve chief from 2014-2018, will say she believes the Treasury Secretary has a dual mission: helping Americans get through the pandemic and get back to work as well as rebuilding the economy so American workers can compete globally.

Yellen is one of five Biden candidates to appear in Senate committees on Tuesday. Designated Foreign Minister Tony is flashingDefense Minister appointed retired general Lloyd AustinDesignated Homeland Security Minister Alejandro Mayuras And Director of National Intelligence April Haines It will also appear in Senate committees.

If confirmed, Yellen would be the first woman to serve as treasury secretary in the department’s 230-year history. She was also previously the first woman to serve as Chair of the Federal Reserve.

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