Janet Yellen: the government must act on a large scale to overcome the consequences of the coronavirus

Treasury Nominee Janet Yellen: Government Must ‘Act Big’ To Combat Pandemic | NBC News NOW

Treasury candidate to speak at Senate hearing

Janet Yellen, the Biden administration's candidate for Treasury, plans to tell the Senate Finance Committee on Tuesday that the US government must "go big" to tackle the effects of the coronavirus..

Joe Biden, who will be sworn in on Wednesday, last week outlined a $ 1.9 trillion economic aid package, saying investment is needed to kickstart the economy and accelerate vaccine distribution..

“Neither the President-elect nor I offer this aid package without taking into account the country's debt burden. But right now, with interest rates at historically low levels, the smartest thing we can do is go big, ”Yellen said in her prepared opening remarks..

“I believe the benefits far outweigh the costs, especially if we are concerned about helping people who have been in distress for a very long time,” Reuters quoted the statement as saying..

The proposed aid package includes $ 415 billion to support the U.S. fight against the virus and vaccine distribution, about $ 1 trillion in direct assistance to families, and about $ 440 billion for the business community..

Many Americans will receive additional payments of $ 1,400. Unemployment insurance benefits will increase to $ 400 per week from the current $ 300 and will be extended until September.

Yellen also notes that the US economy must be rebuilt "to create conditions for more people to flourish and to ensure that American workers can compete in an increasingly competitive global economy.".

Democrat Senator Ron Wyden, a Democrat who is set to take over as chairman of the committee, said in a statement that "no one is more qualified for the economic recovery job than Yellen.".

Janet Yellen: the government must act on a large scale to overcome the consequences of the coronavirus

Wyden added that Tuesday's hearing "will provide a great opportunity to hear about what worked and what didn't during the Great Recession, and what needs to be done to get the economy back on track.".

Yellen will replace Treasury Secretary Stephen Mnuchin if Senate approves her candidacy.

Janet Yellen: the government must act on a large scale to overcome the consequences of the coronavirus