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WASHINGTON – The U.S. Senate Finance Committee on Friday unanimously approved the nomination of Janet Yellen as the first female secretary of state, indicating that she would easily get full Senate approval, but Republicans asked her to join them. work in the development of economic policy.
Senate Majority Leader Chuck Schumer voted late Monday in the Senate floor, which will allow her to start working on President Joe Biden’s economic agenda immediately.
Her nomination was approved 26-0 in the committee that was evenly divided, with concerns expressed by Republicans about Biden’s ambitious plans for massive spending on coronavirus assistance, investment in infrastructure and tax increases they do not have against the former federal president. Reserve Board does not infer.
“I have very strong opinions with Dr. Yellen about a number of her positions, especially in the area of tax policy, but she has committed herself to working with us,” Republican Senator Mike Crapo said after the vote.
“And I think the strong voice on our part to support her today is an indication that we want to get involved.”
The U.S. Senate Finance Committee on Friday unanimously approved the nomination of Janet Yellen as the first female secretary of the Treasury, indicating that she would easily get the full approval of the Senate. (AP Photo / Andrew Harnik, file)
YELLEN: DEFINITION OF TAX CUSTOMS WILL encourage US businesses to ‘CREATE AND MAINTAIN HOMES’
Biden proposed a $ 1.9 billion coronavirus assistance plan and pledged to invest $ 2 billion in infrastructure, green energy projects, education and research to boost US competitiveness.
At the Yellen confirmation hearing before the committee Tuesday, Republicans expressed concern about the price and increased debt in the return to fiscal conservatism after meeting the deficits with the tax cuts in 2017 and nearly $ 5 trillion in spending on the coronavirus past years under former Republican President Donald Trump. .
“I can tell you, I often do not think you could get a 26-to-nothing vote to agree to buy a soft drink,” said Democrat Ron Wyden, who will soon chair the Finance Committee of the Senate will be. “So it’s an indication that she’s really an NBA All-Star when it comes to Senate confirmation.”
A full confirmation vote just days after Biden took office would prompt the 74-year-old PhD economist and daughter of a family doctor in Brooklyn, New York, to respond quickly to a deep economic crisis caused by the coronavirus pandemic the work sits. She broke a similar gender barrier when she became Fed chair in 2014, a role she held until 2018.
Yellen’s Republican predecessor Steven Mnuchin was only confirmed in a party vote three weeks after Trump’s inauguration in 2017.
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Yellen told senators they should “act big” on the proposed $ 1.9 billion stimulus package or risk a longer recession and long-term economic scars, job and income losses. (BRENDAN SMIALOWSKI / AFP via Getty Images)
Yellen’s confirmation hearing on Tuesday expressed concern about Republican lawmakers about her role in enforcing Biden’s economic policies, including a larger federal debt burden and the lifting of parts of their 2017 tax cuts.
Yellen told senators that they should act ‘big’ on the proposed $ 1.9 billion stimulus package or a longer recession and risk long-term economic hardship, job loss and income.
Her remarks represent a new attitude towards government debt among some economists and policymakers: Focus on the interest rate paid and the returns it will generate, rather than the total amount borrowed. In recent months, the Treasury’s payouts have fallen from lower rates than from pre-pandemics.
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In written answers to senators’ questions, Yellen said she would study raising tax rates for small businesses, including sole proprietorships, imposing a new minimum corporate tax and raising capital gains taxes on the rich. She also endorsed an effective carbon pricing system and financial regulation to combat systemic risks due to climate change.
While Yellen is still awaiting confirmation, the government in Biden on Wednesday appointed Andy Baukol, a longtime international financial officer, as acting treasury secretary. A confirmation hearing for the nominated Deputy Treasury Secretary Wally Adeyemo has not yet been scheduled.