Treasury Secretary Janet Yellen opened the DealBook DC Policy Project, moderated by Andrew Ross Sorkin of The New York Times, on the prospects for a post-pandemic recovery.
Discussion highlights:
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“We need to make sure that those who are most affected are not permanently affected by this crisis,” said Yellen. In terms of how to measure the success of the recovery, “the success, for me, would be if we could go back to employment levels prior to the pandemic,” she added.
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Although US debt levels are much higher than during the 2008 financial crisis, due to lower interest rates, the share of interest payments in GDP today is roughly the same. “I think we have more fiscal space than we did because of the interest rate environment and I think we should consider using it,” she said.
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“I don’t think Bitcoin is widely used as a transaction mechanism,” said Yellen. “It is an extremely inefficient way of conducting transactions and the amount of energy that is consumed in processing these transactions is impressive.”
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The so-called digital dollar, maintained by the Federal Reserve and based on a blockchain, “can result in faster, safer and cheaper payments,” she said. At the same time, there are concerns about financial stability and the Fed may not be prepared to deal with retail customers.
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“I find it exciting that so many American companies are recognizing that climate change is really something we will have to deal with in the coming decades,” said Yellen.
It is the first day of the DealBook DC Policy Project, in which key policy makers and business leaders come together to discuss priorities to move the country – and the world – forward. Today, the speakers consider the form of economic recovery, how to hold power to account, the future of travel and where to focus stimulus funds. Sign up here to participate for free from anywhere in the world.
Today’s list (all eastern time):
9 am – 9.25 am
Treasury Secretary Janet Yellen on her way to recovery
In addition to the $ 1.9 trillion economic aid plan currently underway in Congress, the White House is raising the prospect of another major spending package focused on infrastructure. Although the economy is recovering faster than expected, it remains fragile and uneven. Navigating this path is Janet Yellen, the former Federal Reserve chairman who took over as Treasury secretary last month.
2:30 pm – 3:00 pm
New York Attorney General Letitia James on the power of accountability
Letitia James it has more prominent cases and investigations on its plate today than most lawyers will manage in their lifetime. The way she uses her power – from suing Amazon for worker safety to finding underreporting deaths in nursing homes, investigating former President Donald J. Trump’s business and many other actions – also highlights how states can shape the national politics.
3:30 pm – 4:00 pm
Delta’s Ed Bastian on the future of travel
Last year was “the most difficult year in Delta’s history”, according to Ed Bastian, the airline’s chief executive. The carrier reported a loss of more than $ 12 billion while travel stopped during the pandemic. In addition to feeling the economic effects of the pandemic, the aviation sector is at the center of debates on health policies, such as making masks mandatory and requiring coronavirus tests before the trip.
4 pm – 4:30 pm
USAFacts Steve Ballmer in stimulating numbers
Since he stepped down as Microsoft’s chief executive in 2014, Steve Ballmer has been busy as a team owner for the National Basketball Association and founder of USAFacts, a nonprofit group dedicated to presenting data about the United States in easy-to-read formats. The group intends, in his words, to “find out what the government really does” with taxpayers’ money and to highlight areas where spending can have the greatest effect.