December 1, 2020

By Tim Ahmann and Nandita Bose

WASHINGTON (Reuters) – U.S. President-elect Joe Biden’s treasury secretary nominee Janet Yellen said on Tuesday the country is facing a historic crisis from the pandemic and the subsequent economic fallout.

“It’s an American tragedy and it’s essential that we move with urgency. Inaction will produce a self-reinforcing downturn, causing yet more devastation,” Yellen said.

Yellen spoke at an event where Biden formally introduced his top economic policy advisers as his administration prepares to take power amid a slowing economic recovery hampered by the resurgent pandemic.

Yellen, who previously served as U.S. Federal Reserve Chair, said the pandemic has disproportionately impacted the most needy and it is essential to move with urgency. She also said it is key to make sure the economic recovery includes everyone.

Yellen and other advisers have also expressed support for government stimulus to maximize employment, reduce economic inequality and help women and minorities, who have been disproportionately hurt by the economic downturn.

(Reporting by Tim Ahmann and Nandita Bose in Washington; Editing by Chris Reese and Nick Macfie)

Public Affairs

Sign Up for Our Newsletters

Get notified first!

You May Also Like

Newsom Recall Shows States Can Do More to Protect Constitutional Rights: Dr. Cordie Williams

It’s a ‘shot across the bow’ of politicians who would restrict civic…

Texas State Senate Passes Election Integrity Bill Targeting Mail-in Ballots

The Republican-led Texas state Senate passed a bill early on Thursday that…

Grassroots Rebellion Grows With New Calls to Ban Critical Race Theory from Military, Public Schools

Kevin O’Leary said he was “devastated” when he learned his former football…

Psaki Dodges Question About Laid-Off Pipeline Workers, Green Jobs

White House press secretary Jen Psaki on Monday dodged a question from…