She does not believe that commercial real estate vacancies pose a risk to the nation’s financial system.
U.S. Treasury Secretary Janet Yellen testified before the Senate Banking Committee on Thursday where she defended the economic policies of President Biden’s administration.
Secretary Yellen stated, “Of all advanced countries that experienced the pandemic, no country has done better than the United States in quickly having a labor market recovery, resuming growth, and we have the largest real wage increases of any advanced country.”
She continued, “‘Bidenomics’ is focused on helping middle class families lead better lives address the problems that they have, create jobs.”
When Senator John Kennedy of Louisiana asked Secretary Yellen if high prices were here to stay, she acknowledged she did not expect prices to go down. However, she maintained that they are the result of the pandemic and not President Biden’s policies.
In addition, the treasury secretary testified that, while commercial real estate vacancies will cause smaller institutions difficulty, she does not view this as a risk to the nation’s overall financial system.
As the Lord Leads, Pray with Us…
- For members of the Senate Banking Committee as they evaluate and assess the administration’s handling of the American economy.
- For wisdom for Secretary Yellen as she oversees the Department of the Treasury.
Sources: Daily Caller,
