• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Yellen Wins Unanimous Senate Panel Vote for Treasury Despite Republican Tax, Debt Concerns

Yellen Wins Unanimous Senate Panel Vote for Treasury Despite Republican Tax, Debt Concerns

January 22, 2021
EXCLUSIVE: Trump Small Biz Czar Slams Newsom For Siding With Illegals Over Local Businesses

EXCLUSIVE: Trump Small Biz Czar Slams Newsom For Siding With Illegals Over Local Businesses

June 15, 2025
EXCLUSIVE: Trump VA Sec Urges Vets To Give Maligned Agency Second Chance

EXCLUSIVE: Trump VA Sec Urges Vets To Give Maligned Agency Second Chance

June 15, 2025
Rand Paul Says What Could Make Him A ‘Yes’ On Trump’s ‘Big, Beautiful Bill’

Rand Paul Says What Could Make Him A ‘Yes’ On Trump’s ‘Big, Beautiful Bill’

June 15, 2025
Numerous Anti-ICE Protesters Arrested In NYC

Numerous Anti-ICE Protesters Arrested In NYC

June 15, 2025
‘Overwhelmingly Peaceful’: Karen Bass Describes Protest From Comfort Of A Helicopter

‘Overwhelmingly Peaceful’: Karen Bass Describes Protest From Comfort Of A Helicopter

June 15, 2025
Rioters Storm Oregon ICE Building, Injure Officers

Rioters Storm Oregon ICE Building, Injure Officers

June 15, 2025
EXCLUSIVE PICS: Democrat Bigwigs Hobnob At Ritzy Soros Wedding On ‘No Kings’ Day

EXCLUSIVE PICS: Democrat Bigwigs Hobnob At Ritzy Soros Wedding On ‘No Kings’ Day

June 15, 2025
STEVE MILLOY: President Trump Moves To End The War On Coal

STEVE MILLOY: President Trump Moves To End The War On Coal

June 15, 2025
LYNN WESTMORELAND: Trump Saved Your Venmo And Cash App From Biden’s IRS Spies

LYNN WESTMORELAND: Trump Saved Your Venmo And Cash App From Biden’s IRS Spies

June 15, 2025
NED RYUN: GOP & America Will Be Better for Passing Trump’s Big Beautiful Bill

NED RYUN: GOP & America Will Be Better for Passing Trump’s Big Beautiful Bill

June 15, 2025
EXCLUSIVE: Small Biz Chief Pledges Zero Tolerance For Fraud After Biden Mission Drift

EXCLUSIVE: Small Biz Chief Pledges Zero Tolerance For Fraud After Biden Mission Drift

June 14, 2025
EXCLUSIVE: VA Will Save ‘Literally Millions Of Dollars’ By Scrapping Sex Changes, Sec Says

EXCLUSIVE: VA Will Save ‘Literally Millions Of Dollars’ By Scrapping Sex Changes, Sec Says

June 14, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Sunday, June 15, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Yellen Wins Unanimous Senate Panel Vote for Treasury Despite Republican Tax, Debt Concerns

by Reuters
January 22, 2021
in News
240 12
10
Yellen Wins Unanimous Senate Panel Vote for Treasury Despite Republican Tax, Debt Concerns

FILE PHOTO: Janet Yellen, U.S. President-elect Joe Biden's nominee to be treasury secretary, speaks as Biden announces nominees and appointees to serve on his economic policy team at his transition headquarters in Wilmington, Delaware, U.S., December 1, 2020. REUTERS/Leah Millis

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

The Senate Finance Committee unanimously approved Janet Yellen’s nomination as the first Treasury secretary, indicating that she will easily win full Senate approval, but Republicans called for her to work with them in developing economic policies.

Yellen’s nomination was approved 26-0 in the evenly split committee, with concerns expressed by Republicans about President Joe Biden’s ambitious plans for massive coronavirus relief spending, infrastructure investment and tax hikes failing to sway them against the former Federal Reserve chair.

“There is no question she is qualified for this role,” said fiscal conservative Republican Senator James Lankford, noting that he has policy disagreements with Yellen.

Biden has proposed a $1.9 trillion coronavirus relief plan and has pledged to invest https://www.reuters.com/article/us-usa-election-biden/biden-climate-plan-would-spend-2-trillion-in-bid-to-boost-economy-idUSKCN24F20 $2 trillion in infrastructure, green energy projects, education and research to boost American competitiveness.

Republicans are expressing concerns over its price tag and increased debt in a return to fiscal conservatism after running up deficits with the 2017 tax cuts and nearly $5 trillion in coronavirus spending last year under former Republican President Donald Trump.

Yellen’s Republican predecessor, Steven Mnuchin, was not confirmed until three weeks after Trump’s inauguration, and then by a 53-47 nearly party-line vote in a Republican-controlled Senate.

Senate aides have said the committee vote could pave the way for a full Senate confirmation vote later in the day on Friday.

CONCERNING COMMENTS

Yellen’s confirmation hearing on Tuesday highlighted some Republican lawmakers’ concerns about her role in executing Biden’s economic policies, including a bigger federal debt burden and repealing parts of their signature 2017 tax cuts.

Yellen told senators they needed to “act big” on the proposed $1.9 trillion stimulus package or risk a longer recession and long-term economic scarring, job and revenue losses.

Her remarks represent a new attitude toward government debt among some economists and policy-makers: Focus on the interest rate being paid and the returns it will generate, rather than the overall amount borrowed. In recent months, Treasury’s interest outlays have fallen from pre-pandemic levels due to lower rates.

In written answers to senators’ questions, Yellen said she would study raising tax rates for “pass-through” small businesses including sole proprietorships, imposing a new minimum corporate tax and raising capital gains taxes on the wealthy. She also endorsed an effective carbon pricing system and financial regulation to combat systemic risks from climate change.

With Yellen still awaiting confirmation, the Biden administration on Wednesday named Andy Baukol, a longtime career international finance official, as acting Treasury secretary. A confirmation hearing for Deputy Treasury Secretary nominee Wally Adeyemo has not yet been scheduled.

(Reporting by David Lawder and Andrea Shalal; Editing by Heather Timmons and Alistair Bell)

Tags: Janet Yellen
Share196Tweet123
Reuters

Reuters

Reuters is an international news organization.

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th