Yellen’s appointment goes through the Senate panel; final vote set for Monday

WASHINGTON – The U.S. Senate Finance Committee unanimously approved Janet Yellen’s appointment as first female Treasury Secretary on Friday, saying she would easily get full Senate approval, but Republicans called her to work with them in the development of economic policies.

The full Senate will vote on Yellen’s appointment on Monday, Senate Majority Leader Chuck Schumer said in the Senate on Friday, allowing him to quickly get to work on President Joe Biden’s economic agenda.

His nomination was approved 26-0 in the committee equally, with concerns expressed by Republicans over Biden’s ambitious plans for massive coronavirus relief spending, infrastructure investments and tax hikes who did not oppose them to the former chairman of the Federal Reserve.

“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,” said the Republican Senator. Mike Crapo after the vote.

“And I think the strong vote on our side to support it today is an indication that we want to get involved.”

YELLEN: OFFSHORING TAX PENALTY COULD PROMOTE US BUSINESSES TO “ CREATE AND MAINTAIN HOME JOBS ”

Biden has proposed a $ 1.9 trillion coronavirus relief plan and pledged to invest $ 2 trillion in infrastructure, green energy projects, education and research to boost U.S. competitiveness .

At Yellen’s confirmation hearing before the committee on Tuesday, Republicans expressed concerns about the price and rising debt in a return to fiscal conservatism after running up deficits with the 2017 tax cuts and nearly $ 5 trillion in coronavirus spending last year under former Republican President Donald Trump.

“I can tell you that often I don’t think you could get a 26-to-nothing vote to agree to buy a soda,” said Democrat Ron Wyden, who will soon become chairman of the Senate Finance Committee. “So that’s an indication that she really is an NBA All-Star when it comes to Senate confirmation.”

A full confirmation vote just days after Biden took office would quickly put the 74-year-old doctoral economist and the daughter of a family doctor from Brooklyn, New York, to work quickly on a deep economic crisis that was unleashed. by the coronavirus pandemic. She broke a similar gender barrier when she became Fed chairman in 2014, a role she held until 2018.

Yellen’s Republican predecessor, Steven Mnuchin, was not confirmed until three weeks after Trump’s inauguration in 2017 in an online vote.

REGARDING THE COMMENTS

Yellen’s confirmation hearing on Tuesday highlighted concerns from some Republican lawmakers over his role in executing Biden’s economic policies, including a heavier federal debt burden and repealing parts of their 2017 tax cuts.

Yellen told senators they had to “act big” on the proposed $ 1.9 trillion stimulus package or risk a longer recession and long-term economic, job and income loss.

His remarks represent a new attitude towards public debt among some economists and policymakers: focusing on the interest rate paid and the returns it will generate, rather than the total amount borrowed. In recent months, Treasury interest spending has fallen from pre-pandemic levels due to lower rates.

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In written responses to senators’ questions, Yellen said she would study increasing tax rates for small “pass-through” businesses, including sole proprietorships, imposing a new minimum tax on corporations and increased capital gains taxes on the rich. It also endorsed an effective carbon pricing system and financial regulation to address systemic risks associated with climate change.

While Yellen is still awaiting confirmation, the Biden administration on Wednesday appointed Andy Baukol, a longtime international finance official, as acting treasury secretary. A confirmation hearing for Deputy Treasury Secretary Wally Adeyemo’s candidate has not yet been scheduled.