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Treasury Secretary Yellen to testify to the Senate committee on finance

Prepared remarks

  • Well on our way toward our goal to helping people make it to the other side of the crisis and ensuring they were met by a robust recovery
  • the pandemic was not the only problem, millions of people were running up against a series of long-term, structural economic challenges that undermine their ability to make a good living
  • families is at the bottom and of the wage distribution have seen their pay stagnate
  • Gender and racial pay gaps persist
  • labor force participation has been dropping
  • There’s a divergence among local economies, some areas that are growing more prosperous and others that are stagnating
  • Climate change adds a fresh layer of crisis on top of this – the average cost of climate-related disasters is expected to double every five years
  • The divergence in wages and of geographic regions, the decline in labor force participation, the rise of climate change, and the persistence of racial inequality – all these are combining to block tens of millions of Americans from the prosperous parts of our economy.
  • Bidens budget addresses issues through a series of smart policies, including childcare and paid leave so more parents can join the workforce; a mass modernization – and greening – of America’s infrastructure to spur commerce and reduce emissions; an investment to make housing and education available to all.  
The full text of her opening remarks can be found HERE.

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