Treasury Secretary nominee Janet Yellen

Janet Yellen is speaking and gives a synopsis of what she plans on doing when confirmed as Treasury Secretary. Yesterday, it was speculated that the Senate would not vote on her nomination until next week sometime:

  • Will work with Congress to avoid debt limit harm
  • Will work with Biden to fight currency manipulation
  • Will evaluate SALT cap impact on high income households
  • Will take on China's abusive, illegal practices
  • Will useful array of tools to counter China practices
  • Will comprehensively reviewed debt management practices
  • Will analyze weighted average maturity of debt
  • Will not alter China tariffs until allies consulted
  • New approach needed for meaningful China pressure
  • Will pursue rules based trading system that protects US
  • Will assure international Covid 8 not used to pay China loans
  • Iran to get sanction relief only if JCPOA compliance
  • She will rigorously enforce Russia sanctions
  • She is fully supportive of effective carbon pricing

The China dilemma will continue to be a focus and potentially a problem. The Trump administration work toward a phase 1 deal, but there is some question as to the success of at deal - especially after Covid took hold. The Trump administration also chose to go at it alone rather than use the power of many to influence change/reform. I would assume the "new approach" Yellen speaks have a lot to do with a concerted effort for change/reform