On Monday, Biden’s candidacy, former Fed Chairman Janet Yellen, became the first woman to serve as US Treasury Secretary. Yellen will seek to push Biden’s $ 1.9 trillion stimulus plan in Congress and raise the country’s minimum wage.
On Monday, the US Treasury received a new head and new team members. Janet Yellen, 74, who became the first female Fed chairman in 2014, officially became the first female US Treasury secretary yesterday.
The bipartisan Senate voted 84-15 to confirm Yellen in office, with 34 Republican votes, some of whom pledged to work with her.
“I hope the bipartisanship continues and we can work together on sound taxation policies for all Americans,” Republican Senator Chuck Grassley wrote on Twitter.
The S&P 500 and Nasdaq Composite closed with gains on Monday by 0.36% and 0.69%, respectively, while the Dow Jones showed a decline of 0.12%.
Yellen will play a key role in pushing Joe Biden’s plan to stimulate the US economy during the $ 1.9 trillion pandemic in Congress. Given the resistance of some representatives of the Republican Party, who are concerned about the state. debt of the United States, this plan can be changed and reduced.
Also on the Treasury’s agenda are initiatives to raise the tax rate for businesses from 21% to 28%, as well as for Americans who earn more than $ 400,000 a year.
The plans of the new White House administration also include an increase in the minimum wage in the country, large-scale investments in infrastructure, green energy, education and research.
All of these plans will require Congress approval. In her speech, Yellen urged Congress to “act decisively” on stimulus measures, as otherwise there would be a risk of a longer and more painful recession caused by the pandemic.
Several Obama administration officials returned to the Treasury with Yellen: Natalie Wyeth Ernest was named Adviser to the Secretary for Strategic Communications, and Mark Mazur was named Deputy Assistant Secretary for Tax Policy in the Treasury’s Legislative Office.
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