President-elect Joe Biden's nomination of Janet Yellen to head the Treasury Department offers the clearest look yet at how his administration aims to drive an economic recovery.
The 74-year-old economist would enter the Cabinet at a time of intense economic strife. Coronavirus cases continue to surge higher, and data suggests the economy's initial bounce-back has slowed considerably through the fall. Economists warn the situation stands to worsen as government aid expires and holiday gatherings boost case counts.
Senate Republicans will likely back a smaller aid package in 2021 and set their sights on paying down government debts as soon as the virus threat fades, Ernie Tedeschi, policy economist at Evercore ISI, said in an interview. Reforming some of the lending programs established between the Fed and the Treasury can also help make the $80 billion more useful through the recovery. The two bodies could focus on lowering rates for specific municipalities and small businesses instead of maintaining their little-used credit facilities, former Fed economist Claudia Sahm told Business Insider.
The former Fed chair also has a good relationship with current chair Jerome Powell, Sahm said. Powell served under Yellen during her 2014-2018 term as chair. Those years of cooperation set the stage for a successful relationship between the Fed and the Treasury under the Biden administration, Sahm said.
She will make a good advisor . .should considering working with an honest team ....Biden may not fit that description . .
Most people are unaware that creditors are able to swoop in & swipe their stimulus checks from us. And unless there is a safeguard In place to keep these voltures at Bay, americans will continue to struggle to survive.
Let’s see some action
thanks
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