“Neither the president-elect, nor I propose this relief package without appreciation for the nation’s debt burden,” Yellen will tell lawmakers, according to written testimony obtained by CNN. “But right now, with interest rates at historic lows, the smartest thing we can do is big.”
Yellen states in her testimony, “The epidemic has caused widespread devastation.” “The damage has been widespread, and as the President-Elect said last Thursday, so should our response.”
Extensive support for Yellen
Yellen has wide support for her nomination. All the surviving former US Treasury secretaries swiftly called on Congress to confirm it.
“We believe that delaying the confirmation of our government’s chief economic officer will create unnecessary risk during this critical time,” said endorsement, with Republicans like Hank Paulson and Jon Snow, as well as Democrats Robert Rubin and Laryl Summers Signed It was released on Tuesday before the hearing.
Former officials warned that the United States faces “unprecedented economic circumstances” that would require thoughtful engagement from the Treasury Department.
“Any difference in its leadership would risk the withdrawal of recovery efforts,” according to the letter, which was also signed by James Baker, George Schultz, Tim Geithner and Jacob Lew.
Former officials said Yellen, the first woman to head the Federal Reserve, has the credibility necessary for the crisis.
“It’s our view – based on personal experience for many of us – that Dr. Yellen’s experience, knowledge, judgment and character make her uniquely qualified for this role,” the letter said.
Former Treasury secretaries reported that Yellen was first confirmed by the Senate, most recently in 2014.
He wrote, “It is harder to imagine a nominee better prepared to meet this great moment of need than Dr. Yellen.”
The expectation is that Yellen’s confirmation will reassure nervous colleagues overseas.
The letter states, “Any delay in confirming Dr. Yellen will only increase anxiety and confusion among our colleagues.”
– CNN’s Phil Mattingly and Matt Egan contributed to this report