Incoming Treasury Secretary will “act big” on next stimulus package
President-elect Joe Biden's pick for Treasury Secretary, Janet Yellen, is set to testify today before the Senate Finance Committee, which is considering her nomination for replacing Steven Mnuchin.
According to a preview obtained by Rise&Sjred, all signs point to her calling for “big” action on the COVID-19 pandemic after Biden unveiled a $1.9T economic stimulus plan last week.
Fun Fact: Yellen served as top White House economist in the 1990s and Fed Chairwoman in the 2010s, meaning a confirmation would make her the first person to achieve such a trifecta of economic leadership roles.
Quote: “Economists don't always agree, but I think there is a consensus now: Without further action, we risk a longer, more painful recession now – and long-term scarring of the economy later. Over the next few months, we are going to need more aid to distribute the vaccine; to reopen schools; to help states keep firefighters and teachers on the job,” Yellen will say in her testimony.
“Neither the President-elect, nor I, propose this relief package without an appreciation for the country’s debt burden. But right now, with interest rates at historic lows, the smartest thing we can do is act big.”
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