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Janet YellenPresident-elect Joe Biden’s candidate for Treasury secretary will call for “big” action on the COVID-19 pandemic and economic crisis during his Senate confirmation hearing on Tuesday, according to prepared remarks obtained by CBS News . The Senate will begin confirmation hearings for Yellen and other key members of the Cabinet of Mr. Biden.
“Economists don’t always agree, but I think there is a consensus now: without further action, we risk a longer, more painful recession now – and long-term scars in the economy later. “, Yellen will say.
His call to action comes just days after Mr Biden presented an FDR-style vision to bring the coronavirus under control and tackle the economic crisis that has put millions out of work since the start of last year .
“Over the next few months, we’re going to need more help to distribute the vaccine; to reopen schools; to help states keep firefighters and teachers on the job,” Yellen said in his remarks. “We will need more funding to ensure that unemployment insurance checks keep coming out and to help families who are at risk of going hungry or losing the roof over their heads.
Mr Biden’s $ 1.9 trillion US bailout includes provisions such as extending improved unemployment benefits through September and increasing those benefits from $ 300 per week to $ 400 per week, sending direct relief to families in the form of checks for $ 1,400 , the national vaccine distribution plan and a series of other relief measures. Yellen will recognize the price of $ 1.9 trillion on Tuesday.
“Neither the elected president, nor I, propose this relief plan without an appreciation of the burden of the debt of the country”, will say Yellen. “But right now, with interest rates at historically low levels, 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 struggle for a very long time. “
Yellen, who previously served as Chairman of the Federal Reserve from 2014 to 2018, will say she believes the Secretary of the Treasury has a dual mission: to help Americans get through the pandemic and return to work and also to rebuild the economy so that American workers can compete globally.
Yellen is one of five Biden candidates to run for Senate committees on Tuesday. Secretary of State designate Tony blinking, Secretary of Defense appointed retired general Lloyd Austin, Designated Secretary of the Department of Homeland Security Alejandro mayorkas and director of the candidate for national intelligence April Haines will also appear before Senate committees.
If confirmed, Yellen will be the first woman to serve as Secretary of the Treasury in the department’s more than 230 years of history. She was also the first woman to hold the post of Chairman of the Federal Reserve.
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