Yellen testifies at Senate confirmation hearings

Janet Yellen, a former Federal Reserve chair, has become President-elect Joe Biden’s nominee for Treasury Secretary. Currently Ms. Yellen is testifying before Senate Finance Committee. The former Federal Reserve chair is expected to advocate for a major fiscal stimulus. Below we present some short recap of the hearing so far. 

• China is clearly the most important strategic competitor of the United States

• United States need to cooperate with the rest of the world in order to face up to China’s dominance

• Prepared to use full array of tools to challenge China’s abusive, unfair and illegal practises

• Value of dollar and other currencies should be determined by markets. Targeting of exchange rates for commercial advantage is unacceptable

• Not seeking weaker US dollar to gain advantage

• Biden administrator does not want to increase taxes during the pandemic

• Capital gains should be taxed at some point

• Parts of 2017 tax cuts for wealthy Americans and large companies should be repealed

• Must put federal budget on sustainable path

• Electric vehicles are good way to address climate change and create good jobs for Americans

The US dollar is weakening right now, which could have been caused by surging TNOTE. Source: xStation5

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