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