Yellen Voices Support for Biden’s Rescue Plan

Former Chair of the United States Federal Reserve and President-elect Joe Biden’s nominee for Secretary of the Treasury, Janet Yellen, said on Tuesday that the benefits of the new rescue package, which will increase government stimulus spending by $1.9 trillion, are bigger than its costs.

Speaking to the U.S. Senate Finance Committee, Yellen said that her duty is to help the American economy cope with the last stage of the Coronavirus pandemic and to help economic recovery to create “more prosperity for more people and ensures that American workers can compete in an increasingly competitive global economy.”

“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.”

“I believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a very long time.”

All the living former Treasury secretaries have endorsed Yellen for the job, sending a collective letter for the Senate urging for approving her nomination for the post, Reuters reported.

Yellen said that the U.S. should stand against currency manipulation anywhere for advantages in trade, noting that China is the most important strategic competitor of the U.S. and emphasizing the new administration’s agenda to stand to what she called China’s “abusive, unfair, and illegal practices.”

Moreover, Biden’s nominee for the Treasury Secretary said that parts of the 2017 tax reform act, which included huge tax cuts, should be repealed.