Janet Yellen, President-elect Joe Biden’s nominee for Treasury Secretary, will call for “big” action on the COVID-19 pandemic and economic crisis at her Senate confirmation hearing Tuesday, according to prepared remarks obtained by CBS News. The Senate will begin confirmation hearings on Tuesday for Yellen and more key members of Mr. Biden’s Cabinet.
“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 will say.
Her call to action comes just days after Mr. Biden laid out an FDR-style vision for getting the coronavirus under control and tackling the economic crisis that has put millions of people out of work since early last year.
“Over the next few months, we are going to need more aid to distribute the vaccine; to reopen schools; to help states keep firefighters and teachers on the job,” Yellen will say in her remarks. “We’ll need more funding to make sure unemployment insurance checks still go out; and to help families who are at risk of going hungry or losing the roof over their heads.”
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