Yellen, 74, who was also the first woman to head the White House Council of Economic Advisors, will play a key role in shaping Democratic President Joe Biden’s economic policy amid the Kovid-19 epidemic that hit the US.
In his hearing last week before the Senate Finance Committee, Yellen called on Congress for a large fiscal stimulus to mitigate the effects on the pandemic economy, pointing to China’s “abusive practices” in trade and technology. .
“Economists don’t always agree, but I think there’s a consensus now: without major action, we risk a longer, more painful recession and longer-term scar on the economy later,” Yellen said.
Regarding China, eminent economists were more strict during the hearing before the Senate Finance Committee than at the time of the head of the US central bank.
He strongly criticized “abusive policies” in trade and technology transfer by China, a country he considered to be “clearly the main strategic competitor” of the United States.
This chief economist, Secretary of Defense Lloyd Austin, is the first African-American to lead the Pentagon and the third member of Biden’s cabinet to receive the green light from the Senate, after Aville Haines, the National Director of Intelligence.
With information from EFE and AFP
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