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DealBook DC policy project real-time update: Janet Yellen on restarting the economy



New York State Attorney General Letitia James will deliver a speech today in the DealBook DC Policy Project, discussing how countries formulate national policies, starting at 2:30 pm Eastern Time.

The Secretary of the Treasury Janet Yellen (Janet Yellen) launched the DealBook DC policy project on Monday, chaired by Andrew Ross Sorkin of the Greater New York Times, on the prospects for recovery after the pandemic.

Focus of discussion:

  • Ms. Yellen said: “We need to make sure that those most affected are not permanently harmed by this crisis.” She said: “We can use many different indicators to judge success.” “For me, success is, If we can return to pre-pandemic unemployment levels and see the reemployment of those who were unemployed in the service sector lost again,”

  • She said: “Of course, one of the key tasks of the Minister of Finance is to ensure that our country’s finances are in good shape.” “If you don’t spend money on what is necessary to get the economy back on track quickly, it will also incur financial costs.” She pointed out Although the US debt level is much higher than the level during the 2008 financial crisis, due to lower interest rates, interest payments now account for roughly the same proportion of GDP. “Due to the interest rate environment, I think we have more fiscal space than ever before, and I think we should consider using it.”

  • She said that the so-called digital dollar, maintained by the Federal Reserve and based on the blockchain, could lead to “faster, safer, and cheaper” payments. There are still some issues that need to be resolved first. “What impact will it have on the banking system? Will this cause a large amount of deposits to flow from banks to the Fed? Will the Fed deal with retail customers or try to do so in a wholesale manner? Are there financial stability issues? How will we deal with money laundering and illegal financial issues There are many things to consider here, but it’s worth seeing.”

  • Ms. Yellen said: “I don’t think Bitcoin is widely used as a trading mechanism.” “This is an extremely inefficient way of doing transactions, and processing these transactions consumes amazing energy.”

  • Ms. Yellen said: “It is heartening to me that so many American companies realize that climate change is something we must truly and meaningfully respond to in the next ten years.” The same goes for the diversity of American companies. Ms. Yellen said: “I don’t know if there is a need to enact laws, but, first of all, I think it is unfair. Second, in terms of organizational performance, a large number of studies have shown that diverse organizations perform in various aspects. Better. So this is an important goal, and for me, this is the most important goal in the Ministry of Finance, where the promotion of diversity and inclusion will be a key goal.”

  • Speaking of GameStop’s stock trading frenzy, she said: “We need to understand and elaborate on the facts of this matter.” She pointed out that the U.S. Securities and Exchange Commission (SEC) is preparing a report that may provide information for potential regulatory actions. in accordance with. “Do investors fully understand the situation and are protected? I think this is a very important issue, and it is too early to draw conclusions,” she said.

  • Finally, why did it take so long to add the portrait of Harriet Tubman to the 20-dollar bill? She said: “This is a complicated manufacturing process, so the time required to issue a new note is longer than you think.” “But I promise, I will do everything possible to speed up this step, and I would love to see Harriet. Harriet Tubman is honored in our currency.”

This is the first day of the DealBook DC policy project. High-level decision makers and business leaders gathered to discuss the priorities of advancing the country (and the world). Today, the speaker considered the form of economic recovery, how to control responsibility, the future of travel, and where to focus stimulus funds. Register for free all over the world to participate.

Today’s lineup (all times in the East):

9 am-9:25 am

In addition to the US$1.9 trillion financial aid plan being passed by Congress, the White House also proposed the prospect of another major infrastructure spending plan. Although the economic recovery is faster than expected, it is still fragile and uneven.Navigate this path is Janet Yellen, The former chairman of the Federal Reserve, took over as Secretary of the Treasury last month.


2:30pm-3pm

Letitia James Compared with cases that most lawyers cannot handle in their lifetime, she has more cases and investigation cases today. The way she uses her power-from prosecuting Amazon workers for safety issues to revealing underreporting of deaths in nursing homes, investigating the business dealings of former President Donald J. Trump and many other actions, also highlights how the state has shaped national policies.


3:30 Pm-4 Pm

Last year was “the toughest year in Delta history”, Ed BastianThe CEO of the airline. The airline reported that losses due to travel interruptions during the pandemic exceeded $12 billion. In addition to feeling the economic impact of the epidemic, the aviation industry is also at the center of the health policy debate, such as whether it is necessary to wear a mask and the need to be tested for coronavirus before traveling.


4pm-4:30pm

Since stepping down as Microsoft CEO in 2014, Steve Ballmer As the team owner of the National Basketball Association and the founder of USAFacts, it has been very busy. USAFacts is a non-profit organization dedicated to displaying data about the United States in an easy-to-read format. In his words, the organization aims to use taxpayers’ money to “figure out the actual actions of the government” and emphasize areas that may have the greatest impact on spending.


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