Janet Yellen Urges Lawmakers To 'Act Big' To Revive Pandemic-Stricken Economy

  • Janet Yellen Urges Lawmakers To 'Act Big' To Revive Pandemic-Stricken Economy

Janet Yellen Urges Lawmakers To 'Act Big' To Revive Pandemic-Stricken Economy

The incoming administration of President-elect Joe Biden will use all available tools to address "China's abusive unfair and illegal practices" that undermine the USA economy, Treasury secretary nominee Janet Yellen said Tuesday.

The policy outlined by Yellen would be a return to a traditional posture after Republican President Donald Trump railed against the dollar's strength for years, saying it gave other countries a competitive advantage.

But Ms Yellen pushed back against senators at the hearing who warned her against raising taxes. Yellen has agreed to recuse herself from Treasury matters involving certain firms that have compensated her for her talks. Retail sales have dropped in recent months, while jobless claims rise.

"Without further action, we risk a longer, more painful recession now - and long-term scarring of the economy later", Yellen says in prepared testimony, obtained by POLITICO.

Yellen's Treasury nomination was supported in a letter from eight previous Treasury secretaries serving both Republican and Democratic administrations.

Wyden also said that he wants to see Yellen's confirmation proceed "as soon as possible", given the state of an economy beset by the pandemic. He pointed to criticism that Biden's proposal isn't well targeted, and said, "It is important to focus efforts on pandemic relief".

"Now is not the time to enact a laundry list of liberal, structural economic reforms", said Sen.

"The most important thing, in my view, that we can do today to put us on the path to fiscal sustainability is to defeat the pandemic", Yellen said.

"The focus now is not on tax increases".

Ms Yellen also addressed concerns about the impact of further spending on American borrowing.

Yellen told the Senate Finance Committee that the government must "act big" with its next coronavirus relief package.

"In the longer run, I believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a long time".

Wyden said nobody deserved more credit than Yellen for the longest economic expansion in US history, and said she ought to be confirmed on Day one of the Biden administration.

Cryptocurrencies: She said there was a need for more regulation. "I think many are used at least in a transaction sense mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn't occur through those channels".