Yellen set for Senate confirmation vote as first woman Treasury secretary

By David Lawder WASHINGTON (Reuters) - The U.S.

Reuters January 26, 2021 00:06:20 IST
Yellen set for Senate confirmation vote as first woman Treasury secretary

Yellen set for Senate confirmation vote as first woman Treasury secretary

By David Lawder

WASHINGTON (Reuters) - The U.S. Senate is set to vote on Janet Yellen's nomination as the first woman Treasury secretary on Monday, putting her quickly to work with Congress on President Joe Biden's $1.9 trillion coronavirus relief proposal.

Yellen on Friday sailed through with a unanimous approval vote in the Senate Finance Committee, indicating that she has enough votes to easily win confirmation. Republicans pledged to work with her despite expressing concerns about Biden's massive spending and tax hike plans.

Senate Democrats, who now control the evenly split chamber's schedule, have planned the vote for 5:30 p.m. EST (2230 GMT). The Senate is due to receive articles of impeachment against President Donald Trump 90 minutes later at 7 p.m. EST.

Biden has proposed a $1.9 trillion coronavirus relief plan and has pledged to invest $2 trillion in infrastructure, green energy projects, education and research to boost American competitiveness. He has said he also plans to raise the corporate tax rate to 28% from 21% and increase taxes on those making over $400,000 a year.

Finance Committee Republicans expressed concerns over the price tag and increased debt in a return to fiscal conservatism after running up deficits during Trump's term with the 2017 tax cuts and nearly $5 trillion in coronavirus spending.

A confirmation for former Federal Reserve Chair Yellen less than a week after Biden took office is quick by recent standards. Her Republican predecessor, Steven Mnuchin, was not confirmed until three weeks after Trump's 2017 inauguration on a party-line vote.

The Treasury on Monday announced more members of Yellen's team at Treasury, bringing back some Obama administration veterans who served at the agency.

The Treasury named Natalie Wyeth Earnest as counselor to the Treasury secretary for strategic communications. Earnest had served as assistant secretary for public affairs at Treasury under former Secretary Jack Lew and served in various communications roles under former Secretary Tim Geithner.

Mark Mazur, director of the Urban-Brookings Tax Policy Center and a former Treasury assistant secretary for tax policy, was named as deputy assistant secretary for tax policy in Treasury's Office of Legislative Affairs.

Treasury named Aruna Kalyanam, most recently House Ways and Means Committee deputy chief tax counsel, as deputy assistant secretary for tax and budget in the Office of Legislative Affairs.

(Reporting by David Lawder; Editing by Andrea Ricci)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

Ethiopia's regional Tigray forces name conditions for peace with government
World

Ethiopia's regional Tigray forces name conditions for peace with government

NAIROBI (Reuters) - Forces fighting Ethiopia's military in the Tigray region laid out eight conditions on Friday for beginning peace talks, including the appointment of an international mediator and unimpeded access for humanitarian aid. Prime Minister Abiy Ahmed ordered air strikes and a ground offensive against the Tigray People's Liberation Front (TPLF) - the former ruling party in the northern region - after regional forces attacked federal army bases in the region on Nov.

Citigroup considering divestiture of some foreign consumer units - Bloomberg Law
Business

Citigroup considering divestiture of some foreign consumer units - Bloomberg Law

(Reuters) - Citigroup Inc is considering divesting some international consumer units, Bloomberg Law reported on Friday, citing people familiar with the matter. The discussions are around divesting units across retail banking in the Asia-Pacific region, the report https://bit.ly/3pD57WP said

Biden tours Pfizer vaccine plant as drugmaker promises to double supply
World

Biden tours Pfizer vaccine plant as drugmaker promises to double supply

By Alexandra Alper and Michael Erman PORTAGE, Mich. (Reuters) - U.S