Janet Yellen urges US senators to ‘act big’ on coronavirus relief package
Janet Yellen, US President-elect Joe Biden’s nominee for treasury secretary, today urged senators to “act big” on the next coronavirus relief package.
Yellen said the benefits of a bold stimulus package will outweigh the costs of a higher debt burden.
She told the Senate Finance Committee that her main focus on appointment will be to help Americans navigate the final months of the Covid-19 crisis.
Her task will also be to rebuild the country’s economy “so that it creates more prosperity for more people and ensures that American workers can compete in an increasingly competitive global economy.”
Yellen said spending on public health and widespread vaccinations were the first priorities, followed by tackling unemployment and food stamp benefits.
Targeting relief to people in the greatest need, and to small businesses, will create “a great deal of spending per dollar spent, they’ll create jobs throughout the economy,” she said.
“Neither the president-elect, nor I, propose this relief package without an appreciation for the country’s debt burden. But right now, with interest rates at historic lows, the smartest thing we can do is act big,” Yellen, a former Federal Reserve chair, told the committee.
Biden, who will be sworn into office tomorrow, last week outlined a $1.8 trillion stimulus package, saying bold investment is needed to jump-start the economy and accelerate the distribution of vaccines.