WASHINGTON – The US Senate Finance Committee on Friday unanimously approved Janet Yellen’s nomination as the first female treasurer, indicating that she would easily win full Senate approval, but Republicans took with her the development of economic policies. Called to work in
The full Senate will vote on Yellen’s nomination on Monday, Senate Majority Leader Chuck Schumer said late Friday evening on the Senate floor, which would allow him to immediately work on President Joe Biden’s economic agenda.
His nomination to the equally divided committee was approved 26-0, with Republicans expressing concern about large-scale coronovirus relief spending, infrastructure investment and tax hikes, which earned him the former Federal Reserve chair. Failed to sway against
Republican Senator Mike Crapo said after the vote, “I have a lot of disagreements with Dr. Yellen, especially in the tax policy area, but he has worked with us.”
“And I think the strong vote on our side to support today is a sign that we want to engage.”
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Biden has proposed a 1.9 trillion coronavirus relief plan and promised to invest $ 2 trillion in infrastructure, green energy projects, education and research to boost US competitiveness.
At Yellen’s confirmation hearing before the committee on Tuesday, Republicans expressed concern over the price reduction and increased debt in return for fiscal conservatism after running into losses with the 2017 tax cuts and coronoviruses under former Republican President Donald Trump Spent nearly $ 5 trillion in spending. .
“I can tell you, a lot of times I don’t think you can’t get anything from 26 to vote to agree to buy soda,” said Ron Whedon, a Democrat who will soon become chairman of the Senate Finance Committee. “So, this is a sign that he is indeed an NBA All-Star when it comes to Senate confirmation.”
A full confirmation vote just days after Biden took office, the 74-year-old PhD economist and daughter of Brooklyn, New York, would quickly implicate the family doctor to work on a deep economic crisis sparked by the coronaryus epidemic. She broke a similar gender barrier when she became the Fed’s chair in 2014, a role she held until 2018.
Yellen’s Republican predecessor, Steven Menuchin’s party line vote was not confirmed until three weeks after Trump’s 2017 inauguration.
Yellen’s confirmation hearing on Tuesday highlighted some Republican lawmakers’ concerns about their role in implementing Biden’s economic policies, including a larger federal debt burden and parts of his signature 2017 tax cuts.
Yellen told senators that they needed to act “big” on the proposed $ 1.9 trillion stimulus package or risk a long recession and long-term economic crisis, job and revenue loss.
His comment represents a new approach among some economists and policy makers towards government debt: focus on the interest rate being paid and the returns it will generate instead of the total deposits. In recent months, the Treasury’s interest rates have fallen from pre-epidemic levels as a result.
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In written answers to the senators’ questions, Yellen said she would study raising the tax rate for “pass-throughs”, including small businesses of sole proprietorship, imposing a new minimum corporate tax and raising the capital gains tax on the wealthy. It supported an effective carbon pricing system and financial regulation to combat systemic risks from climate change.
While Yellen is still awaiting confirmation, the Biden administration on Wednesday named Andy Buchol a long-time career international finance officer, serving as Treasury Secretary. A confirmation hearing has not yet been scheduled for Deputy Treasury Secretary Nominee Valley Ademio.