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Janet Yellen Urges Congress to ‘Act Big’ on Relief Despite Debt Burden

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Janet Yellen Urges Congress to ‘Act Big’ on Relief Despite Debt Burden

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WASHINGTON—During her Senate confirmation hearing on Jan. 19, Treasury Secretary-nominee Janet Yellen championed President-elect Biden’s economic policies and urged lawmakers to provide further fiscal support to avert “a longer, more painful recession.” “Over the next few months, we are going to need more aid,” Yellen said in her opening remarks. “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,” she said. Yellen was the chair of the Federal Reserve from 2014 to 2018 under the Obama administration. If confirmed, she will be the first woman to serve as Treasury secretary. “Economists don’t always agree, but I think there is a consensus now: Without further action, we risk a longer, more painful recession now—and long-term scarring of the economy later,” Yellen said during the hearing. …

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