Treasury Secretary Yellen Testifies on International Financial System Soundness

Treasury Secretary Yellen Testifies on International Financial System Soundness
Treasury Secretary Janet Yellen testified on the state of the international financial system before the House Financial Services Committee. She said she was optimistic about the U.S. economy due to signs of a “strong labor market” and decreasing inflation, adding that the supply of labor had “surged” since the early stages of the recovery from the COVID-19 pandemic. She was also critical of the tax cuts passed during former President Trump’s tenure and the policy’s impact on the national debt and deficit, saying, “it was costly, it was regressive, it did not pay for itself...” Moreover, when asked about President Biden’s mental acuity, Secretary Yellen responded that he was “extremely effective” in meetings, including multi-hour international meetings.