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In her first interview on CNN since its confirmation, Treasury Secretary Janet Yellen said the benefits of the Biden administration’s Covid-19 relief bill would outweigh the risks – adding that if the bill was adopted, the United States could return to full employment next year.
Asked by CNN’s Jake Tapper for a timeline, Yellen said, “Well, I would expect that if this package goes through, we would go back to full employment next year.”
Yellen also responded to criticism from Larry Summers, a former Obama official, that this bill could create more inflation in the country, saying it is something the administration can handle.
“My predecessor, you know, indicated that there is a chance that this will lead to higher inflation. And it is also a risk that we must consider, ”she said. Yellen said she had spent many years studying inflation and that the country had the tools to deal with it if “that risk materializes.”
“The economic challenge and the enormous suffering of the country, we must face it, it is the biggest risk”, she added.
On the money she made while giving speeches – some in hedge funds that bailed out some Gamestop short-sellers – Yellen said she would abide by her own ethics agreement.
“Well, I have an agreement that I signed, I carefully considered whether or not there might be conflicts of interest. I will adhere to this religious accord, ”she said, adding that she has consulted and will continue to consult with Treasury Department ethics lawyers every step of the way.
The Treasury Secretary wouldn’t quite answer a question from Tapper about whether Biden is ready to sign a bill that lacks bipartisan support, but she has argued against lowering those who qualify for too low direct payments, claiming that she and Biden believe in the middle. class families deserve help.
“But if you think of an elementary school teacher or policeman who earns $ 60,000 a year and has to deal with kids out of school and people who may have had to withdraw from the work to take care of them and a lot of extra burdens, he thinks, and I totally agree, that it’s appropriate for people there to get support, ”she said. “So the exact details of how it should be targeted have to be worked out, but struggling middle class families need help as well.”
And on equal pay, Yellen said she hoped that after she finished, women would be paid equally for equal work.
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