Janet Yellen, President-elect Joe Biden’s nominee for Treasury secretary, will ask for “major” action on the COVID-19 pandemic and economic crisis at its Senate confirmation hearing Tuesday, according to prepared comments obtained by CBS News. The Senate will begin confirmation hearings on Tuesday for Yellen and more key members of the Mr. Biden’s office.
“Economists don’t always agree, but I think there is a consensus now: without further action, we risk a longer and more painful recession now – and long-term scars on the economy later,” says Yellen.
His call to action comes just days after Biden presented an FDR-style vision to keep the coronavirus in check and face the economic crisis that has left millions of people out of work since the beginning of last year.
“In the coming months, we will need more help to distribute the vaccine; to reopen schools; to help states keep firefighters and teachers at work, ”said Yellen in his comments. “We need more resources to ensure that unemployment insurance checks remain in place and to help families at risk of starvation or losing their roof over their heads.”
US $ 1.9 trillion Biden rescue plan includes provisions such as extending enhanced unemployment benefits until September and increasing those benefits from the current $ 300 a week to $ 400 a week, sending direct relief to families in the form of $ 1,400 checks, the national vaccine distribution plan and a number of other relief measures. Yellen will recognize the $ 1.9 trillion price on Tuesday.
“Neither the president-elect nor I propose this relief package without an assessment of the country’s debt burden,” said Yellen. “But now, with interest rates at historic lows, the smartest thing we can do is act big. In the long run, I believe the benefits will far outweigh the costs, especially if we care about helping people who have struggled for a long time. “
Yellen, who previously served as President of the Federal Reserve from 2014 to 2018, will state that he believes the Treasury Secretary has a dual mission: to help Americans overcome the pandemic and get back to work and also to rebuild the economy so that American workers can compete globally.
Yellen is one of five Biden nominees to be presented to Senate committees on Tuesday. Designated Secretary of State Tony Blinken, Secretary of Defense appointed retired general Lloyd Austin, Designated Secretary of the Department of Homeland Security Alejandro Mayorkas and appointed Director of National Intelligence Avril Haines it will also appear on Senate commissions.
If confirmed, Yellen will be the first woman to serve as Treasury secretary in the department’s more than 230-year history. Previously, she was also the first woman to serve as president of the Federal Reserve.