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“No one deserves more credit than President Yellen for the longest economic expansion in American history,” said Wyden, ready to lead the Senate Finance Committee, which voted unanimously on Friday to move her forward. nomination.
The vote in the Senate was 84 to 15, making Yellen the first woman to head the Treasury. She received the support of most Republicans, including Minority Leader Mitch McConnell.
“I have very strong disagreements with Dr Yellen on a number of her positions, particularly in the tax policy arena, but she is committed to us to work with us on these issues and the concerns that we have, ”Sen. Mike Crapo (R-Idaho) said Friday, after voting for her in committee. “I think the strong vote on our side to support her today is an indication that we want to get involved.”
The Head of the Treasury wields considerable influence across government, with a key role in formulating the administration’s position on taxes, economics and financial regulation, while also serving as an international diplomat with a hand in trade negotiations and sanctions policy.
But the immediate goal will be to stem the economic pain of the pandemic, which has claimed the lives of more than 400,000 Americans and forced the closure of businesses across the country.
“The pandemic has caused widespread havoc,” Yellen told the committee during his hearing. “Entire industries have stopped their work. Eighteen million unemployment insurance claims are paid every week. The shelves of food banks are emptying. The damage has been extensive and, as the President-elect said last Thursday, so must our response. ”
She suggested last week that the Biden administration will wait until the economy is stronger before pushing tax increases on wealthier Americans and businesses. Yellen said the administration would take steps to raise taxes for other things, such as a plan to increase spending on infrastructure, which would come after coronavirus relief legislation.
Meanwhile, the administration will have to chart a course for dealing with China; President Donald Trump left office with tariffs still in place on more than $ 350 billion of Chinese goods, as well as duties on steel and aluminum imports that were implemented through its national security authorities.
Yellen told senators that the Biden administration will use whatever tools are available to tackle China’s unfair trade practices, but refrained from endorsing Trump’s tariff tactics.
She is also under pressure from the left to focus on the interconnections between the financial system and climate change. Yellen said she plans to start a new treasury “hub” that will examine the risks to the financial system from climate change and the related tax policy incentives. She intends to appoint a “very high level” official to lead the climate efforts.
In written responses to senators released Thursday, Yellen endorsed the idea of a higher minimum wage, a position strongly supported by the left.
“Raising the minimum wage will lift tens of millions of Americans out of poverty while expanding access to opportunities for countless small businesses across the country,” she writes. “How it is implemented is important and the president’s minimum wage will be phased in, giving small businesses enough time to adjust.
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