The main headlines of Fox Business Flash are here. Check out what is clicking on FoxBusiness.com.
WASHINGTON – Treasury secretary nominee Janet Yellen is asking Congress to do more to combat a deep pandemic-induced recession, saying the threats of a longer and even worse downturn are too great to reduce support now.
“Without further action, we risk a longer and more painful recession now – and long-term scars on the economy later,” Yellen said in a statement prepared for his confirmation hearing on Tuesday before the Senate Finance Committee.
Yellen, who will be the first female Treasury secretary in the country’s history, should have little trouble getting approval in a Senate that will be tightly controlled by Democrats once two Georgia Democratic senators sit down.
SENATE FINANCE COMMITTEE TO CONSIDER YELLEN AS TREASURE SECRETARY BEFORE THE OPENING DAY
In her testimony, Yellen, who was also the country’s first female Federal Reserve president, said the swift action Congress took in approving trillion-dollar rescue packages last spring and an additional $ 900 relief measure billion last month was successful in “avoiding much suffering.”
But she said that even with the government’s extraordinary help, the pandemic still caused “widespread devastation”.
The nominee for Treasury Secretary Janet Yellen is asking Congress to do more to combat a deep pandemic-induced recession, saying the threats of a longer and even worse slowdown are too great to cut back on support now. (Photo by BRENDAN SMIALOWSKI / AFP vi
“Eighteen million unemployment claims are paid every week. The food bank shelves are getting empty. The damage was enormous and, as the president-elect said last Thursday, our response must also be, ”said Yellen.
“In the coming months, we will need more help to distribute the vaccine, to reopen schools, to help states keep firefighters and teachers working,” said Yellen. She said more support would also be needed to keep unemployment insurance checks in place and to help families who are starving or at risk of being homeless.
DISCOVER FOX BUSINESS ON THE MOVE BY CLICKING HERE
Biden last week released a $ 1.9 trillion aid plan that would provide more help to American families, businesses and local communities and provide more support for vaccine production and distribution.
Although Democrats endorsed the effort, many Republican lawmakers expressed concern about the price due to the growing federal budget deficits.
Yellen said she and Biden were aware of the country’s increased debt.
“But now, with interest rates at historic lows, the smartest thing we can do is act big,” she said. “In the long run, I believe the benefits will far outweigh the costs, especially if we are concerned with helping people who have been struggling for a long time.”
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
The Senate Finance Committee’s hearing with Yellen on Tuesday is one of several that the Senate will hold as Biden’s new administration tries to get its top Cabinet officials to office quickly.