Treasury Secretary Janet Yellen said in remarks Tuesday that regulators may ensure all deposits at more banks following the Silicon Valley Bank (SVB) and Signature Bank depositor bailouts.
Yellen said the bailouts were essential to safeguard the U.S. banking system in prepared remarks at the American Bankers Association Tuesday, referencing the Federal Reserve’s actions in insuring the deposits of SVB’s customers.
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Treasury Secretary Janet Yellen stated during her testimony at a Senate Finance Committee hearing on March 16 that she, the Federal Deposit Insurance Corporation board, the Fed board, and President Joe Biden would only safeguard uninsured deposits at banks whose failures they determine would pose “systemic risks” to the economy, which will destroy small regional banks, according to experts who spoke to the Daily Caller News Foundation.
On the other hand, it will enable big banks to be more reckless because their depositors will be made whole if they fail. In the case of Silicon Valley Bank (SVB), this will include many Chinese companies that will be getting reimbursed by community banks, according to Reuters.
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The United States reached its debt ceiling of $31.38 trillion on Thursday, forcing the Treasury Department to implement “extraordinary measures” to avoid defaulting on bonds. Treasury Secretary Janet Yellen wrote how the U.S. had reached the debt limit in a letter Thursday to members of Congressional leadership.
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President Joe Biden’s Treasury Department appointed two people to its “racial equity” committee that run nonprofits that received millions from left-wing billionaire George Soros’ Open Society Foundations (OSF) network, records show.
On Tuesday, Treasury Secretary Janet Yellen unveiled the members for its Committee on Racial Equity, which will advise the agency on how “to advance racial equity in the economy and address acute disparities for communities of color.” Felicia Wong and Lorella Praeli, two committee members, lead four nonprofits that got over $15.7 million from OSF’s network between 2016 and 2020, according to OSF’s grant database.
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Ranking Member of the House Oversight Committee Rep. James Comer, R-Ky., sent a letter to U.S. Treasury Secretary Janet Yellen this week alleging that the federal agency is withholding documents that detail the foreign transactions conducted by the president’s son, Hunter Biden.
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Senator Kyrsten Sinema (D-AZ) criticized the Federal Reserve for being too slow to react to inflation that is crippling the country.
In response to the growing crisis, the group raised interest rates by 0.75 percentage points, which is the largest increase since 1994.
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U.S. Treasury Secretary Janet Yellen will testify before the Senate Finance Committee Tuesday, just days after she admitted she was wrong about inflation earlier in President Joe Biden’s term.
The hearing, which is on “the president’s fiscal year 2023 budget” will only feature testimony from Yellen, according to the committee’s website.
Biden’s budget likely will be under extra scrutiny as gas prices continue to hit record highs and inflation rises at the fastest level in decades.
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United States Treasury Secretary Janet Yellen admitted she was wrong in the past about her inflation predictions during an interview with CNN’s Wolf Blitzer.
“I think I was wrong then about the path that inflation would take,” Yellen told Blitzer Thursday on “The Situation Room” in response to 2021 comments where she claimed inflation would be “a small risk.”
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Sen. Tim Scott (R-SC) shut down Treasury Secretary Janet Yellen’s claim that women must be able to abort their unborn children in order to contribute to the economy as workers.
During a Senate Banking Committee meeting Tuesday, Yellen said a decision by the U.S. Supreme Court to overturn Roe v. Wade would damage the economy.
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Treasury Secretary Janet Yellen defended sustainable investing practices and climate change policies that have negatively impacted U.S. oil and gas drilling in an interview Friday.
“I don’t think that the ESG movement and the emphasis on climate change is creating the problems that we have,” Yellen told CNBC’s “Squawk Box” on Friday morning when asked if investors need to rethink their stance on fossil fuels. “If anything, the problem is that we haven’t moved as rapidly as we should have.”
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Newly introduced legislation would require think tanks and nonprofits to reveal whether they have significant funding from governments and political groups in Russia and China.
U.S. Rep. Lance Gooden, R-Texas, introduced the “Think Tank and Nonprofit Foreign Influence Disclosure Act” Thursday, which would require nonprofits and think tanks to disclose foreign donations over $50,000. The bill would require the U.S. Treasury Department to create a “publicly available in a searchable database information relating to such gifts and contributions received from foreign governments and political parties…”
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The Treasury Department announced Monday it hired its first every Counselor for Racial Equity to support President Biden’s push for economic opportunities for people of color.
Janis Bowdler, former president of the JPMorgan Chase & Co. Foundation, will serve as the first “Counselor for Racial Equity,” the Treasury Department said.
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Treasury Secretary Janet Yellen said Sunday that she is confident that the Democrats’ budget will include a global minimum tax for corporations just days after nearly 140 countries endorsed the measure.
“I am confident that what we need to do to come into compliance with the minimum tax will be included in a reconciliation package,” Treasury Secretary Janet Yellen told ABC News on Sunday. “I hope that it will be passed and we will be able to reassure the world that the United States will do its part.”
Though the United States and 135 other countries signed the agreement, each nation must pass its own legislation to enact the minimum tax rates. Democrats are currently crafting the budget, a spending package that would reshape the social safety net, but the process has slowed by disagreements between the party’s moderate and left wings.
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Arizona State Treasurer Kimberly Yee sent a letter to Arizona’s Democratic Sens. Kyrsten Sinema and Mark Kelly urging them not to vote for legislation that would allow the IRS to monitor Americans’ bank accounts for transactions of $600 or more in withdrawals and deposits. The proposal is part of the Biden administration’s $3.5 trillion American Families Plan, the so-called “human infrastructure” bill. Scott Earl, the CEO & President of Mountain West Credit Union Association, also signed the letter, representing multiple credit unions.
Yee, who is running for governor of Arizona, said, “As it stands now, this proposal would threaten the financial security of more than 100 million Americans from all demographics. If it passes, the government will conduct one of the largest data mining exercises in American history, risking the security of the banking system.”
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In the “Nicomachean Ethics,” Aristotle has a lot to say about the activity of choice and its place in securing “eudaimonia,” that “good-spiritedness” that is synonymous with human fulfillment.
Choice is critical in the metabolism of virtue. But, Aristotle points out, it is possible for someone, through bad choices, to put himself in a situation from which choice cannot rescue him.
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Treasury Secretary Janet Yellen warned congressional leaders Friday that failing to raise the debt ceiling would risk “irreparable harm to the U.S. economy and the livelihoods of all Americans.”
In a letter, Yellen said that she did not know how long the Treasury Department could prevent the U.S. from defaulting on its debt, which could carry catastrophic economic consequences. The debt ceiling is set to expire on Aug. 1.
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As more federal data show a major spike in inflation, another top federal official said the U.S. is in for more aggressive inflation for the rest of 2021.
Federal officials have been pressed to speak on rising inflation after \data released earlier this week showed that the all items index increased 5.4% over the last 12 months, the biggest spike since the 2008 financial crisis.
Treasury Secretary Janet Yellen commented on the rise in inflation, saying it would grow worse this year.
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