Tuesday, October 3, 2023
HomeEconomyJanet Yellen will continue to oversee billions in climate spending

Janet Yellen will continue to oversee billions in climate spending

By Andrea Shalal

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen is struggling to oversee billions of dollars in federal climate and infrastructure spending in what she sees as a will transform the economy, close colleagues said, ignoring Republicans’ demands to step down.

Yellen’s oversight of about $1 billion in tax credits for electric vehicles, home solar panels and other climate purchases included in the Lower Inflation Act made her President Joe Biden Key climate figures in government. Reinforcing Republicans’ demands for Yellen to step down, citing her overly optimistic inflation forecasts and her failure to rein in federal spending, which they blame.

Yellen also clashed with Republican lawmakers over the statutory ceiling on U.S. debt, warning that failure to raise the debt ceiling threatened the U.S. credit rating and could roil financial markets.

Yellen told CNBC late last year that she had “a great partnership” in misjudging inflation and needed Biden’s COVID spending plan to bolster the economic recovery.

She publicly and repeatedly shrugged off speculation that she would step down midway through Biden’s four-year term, as close associates said she was confident in his continued support.

The White House and Treasury Department had no immediate comment on a Bloomberg report saying Biden personally asked her to stay in office.

White House and Treasury officials say inflation is fueled by supply chain issues and exacerbated by Russia’s invasion of Ukraine, but note that inflation is now easing and investment in manufacturing will Reduce future supply chain congestion.

“Secretary Yellen is fully committed to ensuring that we meet our twin goals of reducing emissions and rebuilding American industry,” Senator Ron Wyden, chairman of the Senate Finance Committee, told Reuters in an emailed statement .

Republicans see radicals

Yellen, the first woman to serve as Fed chair and Treasury secretary, presides over another milestone in December: issuing the first Signed U.S. bill

While Republicans generally support Yellen’s confirmation as Treasury secretary, some say they are disappointed by what they see as an overly aggressive agenda, including efforts to forgive student debt, economists say Indicates that it could increase the federal debt by 600 billion to 600 billion.

“Sadly, she is living proof that even the talented fall from grace when economic power is subordinated to ideology,” EJ Antoni, a fellow at the conservative Heritage Foundation, recently wrote a post on a blog of .

The Treasury declined to comment on Anthony’s blog.

Republicans now in control of the House of Representatives have launched an investigation into Yellen’s racial equality advisory committee, saying it will further politicize the department, and with an eye toward investigating her concerns about 100% Lowest global corporate tax proposal.

In a letter to Yellen in December, senior Republicans including Senator Jim Risch and Representative Kevin Brady said the tax would have a negative impact on U.S. businesses , and criticized Yellen for not responding to their concerns.

The Treasury Department did not comment on Republican concerns, but officials have previously said the department’s policies are outdated and desperately needed.

Also in terms of advancing Biden’s domestic climate agenda, Treasury officials said another key priority for Yellen at 2023 will be advancing the World Bank and other Reform of multilateral lending institutions to free up more resources for countries to tackle climate change and other priorities.

Yellen, he has logged 76, miles as the US fights As part of a broader push for China’s outsized influence on the continent, he will set off for Africa next week with stops planned in Senegal, Zambia and South Africa.

Secretary of State growing frustrated that Beijing – now the world’s largest creditor – is not moving faster to restructure debt in low-income African countries, That will be a key issue, especially in Zambia, the finance ministry official said.

Center for Global Development. “Will it be perfect? ​​No, but at least America isn’t facing the 76% introversion that was the case a few years ago.”



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