Janet Yellen in Biden campaign vs. Biden administration


On Budget & Economy: Reestablish hedge fund oversight panel

[On financial reform goals]: "The pandemic showed that leverage of some hedge funds can amplify stresses, too," Yellen said. "This council used to have a hedge fund working group, and as of today we have one again. We're establishing the working group so that we can better share data, identify risks and work to strengthen our financial system."
Source: CNBC on 2021 Biden Administration Mar 31, 2021

On Energy & Oil: Climate change an existential threat to our environment

On the climate change issue, Yellen reiterated concerns that she has shared on the issue and have been voiced by several Fed officials. The central bank recently has established a pair of committees that will examine what big banks should be doing to brace against climate-related events. "It's an existential threat to our environment, and it poses a tremendous risk to our country's financial stability," Yellen said.
Source: CNBC on 2021 Biden Administration Mar 31, 2021

On Tax Reform: Tax increases necessary to fund infrastructure, clean energy

Yellen said tax increases would be required to fund the next stages of the Biden administration's economic agenda involving roughly $3tn in new spending on infrastructure, clean energy and education. The Treasury secretary defended the need for tax increases but pledged that the Biden administration would not do anything to "hurt" small businesses or lower- and middle-income Americans.
Source: Financial Times on 2021 Biden Administration Mar 23, 2021

On Budget & Economy: We could reach full employment by as soon as next year

With the passage of the American Rescue Plan, I believe Americans will emerge from the pandemic with the foundations of their lives intact. And that is an enormous economic and moral achievement for America. Indeed, we are now charting a very different course out of this crisis compared to the one a decade ago. Rather than a long, slow recovery, I expect we could reach full employment by as soon as next year. Our Treasury team will be doing everything we can to accelerate the recovery.
Source: Treasury press release: 2021 Biden Administration Mar 10, 2021

On Energy & Oil: Support low-income countries pursuing their climate goals

We must have frank, open, and sometimes difficult discussions about how to share the burdens and opportunities of transitioning our economies toward a more sustainable, equitable, and prosperous future. While we address the difficulties transitioning our own economies, we should also support low-income countries as they pursue their climate goals, balanced with their development objectives. A truly collective and multilateral response is the only realistic solution to this global challenge.
Source: Treasury letter to G20: 2021 Biden Administration Feb 25, 2021

On Health Care: IMF & World Bank must help poor countries recover from COVID

Low-income countries have been particularly hard hit. Without further international action to support low-income countries, we risk a dangerous and permanent divergence in the global economy. International financial institutions, like the IMF and World Bank Group, have provided much-needed emergency support. They must continue to play a role in financing the global health response, supporting a green recovery, and addressing the debt vulnerabilities exposed by the crisis.
Source: Treasury letter to G20: 2021 Biden Administration Feb 25, 2021

On Technology: Invest in helping people adapt to increasingly digital world

The pandemic has moved much of work and life online. We must invest in efforts to help people adapt to this increasingly digital world. The 020 should continue to support work on digital payments at the Financial Stability Board and standard-setting bodies. I believe we can improve the speed and efficiency of our payment systems while mitigating potential risks, including their use for malign and illegal activities.
Source: Treasury letter to G20: 2021 Biden Administration Feb 25, 2021

On Technology: Cryptocurrencies used by drug traffickers, terrorists

Yellen has called the "misuse" of cryptocurrencies such as bitcoin "a growing problem." Yellen told the Treasury's financial sector innovation policy roundtable "the misuse of cryptocurrencies and virtual assets is a growing problem." She added: "I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they've been a tool to finance terrorism."
Source: Business Insider on 2021 Biden Administration Jan 17, 2021

The above quotations are from Campaign promises compared to follow-up actions taken by the Biden Administration.
Click here for other excerpts from Campaign promises compared to follow-up actions taken by the Biden Administration.
Click here for other excerpts by Janet Yellen.
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Page last updated: Jan 17, 2022