Nomination of Janet Louise Yellen

Floor Speech

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Ms. COLLINS. Madam President, as we face an economic crisis brought on by COVID-19, we will need steady, proven leadership at the Treasury Department. A highly respected economist, Dr. Yellen served first as Vice Chair and then Chair of the Federal Reserve. She has served under Democratic and Republican presidents and during periods of economic crisis and economic growth.

Last year, I worked with my colleagues to deliver bipartisan relief for those who have been harmed by the pandemic. We addressed the crisis in five bills totaling approximately $3 trillion. Through subsequent negotiations in November and December on an additional $900 billion package, we secured a second round of Paycheck Protection Program forgivable loans for the hardest hit small businesses and extended unemployment programs, assistance for schools, vaccine delivery, and more. But additional work remains.

During this crisis, Secretary Mnuchin proved himself to be an able partner to all of us in delivering this relief. It is my hope that Treasury Secretary-designate Yellen will build on our work. In her testimony before the Senate Finance Committee and during the subsequent questions, Dr. Yellen made clear that she understands these needs.

Our nation's eight living former Secretaries of the Treasury have provided their support for the nomination. I urge the swift confirmation of Janet Yellen to ensure that President Biden has a qualified economic team in place.

Thank you.

Mr. VAN HOLLEN. Madam President, I rise today to support the nomination of Janet Yellen, a dedicated public servant and world- renowned economist, as Secretary of the Treasury.

Janet Yellen's extensive background in economics and accomplished career in the field led her to Chair the Federal Reserve, where she served with distinction in the aftermath of the great recession. Ms. Yellen brought a steady hand and wisdom befitting her experience to her responsibilities at the helm of the Federal Reserve, and as a member of the Banking Committee, I always appreciated her frank testimony and thoughtful analysis.

In her new role as Treasury Secretary, she will inherit an economic crisis caused by a mismanaged pandemic. She will be charged not only with providing historic relief in close coordination with Congress, but also with building back better to create the conditions for a dynamic economy that harnesses the potential of each and every American. I am confident in her ability to take on these urgent challenges. I look forward to voting yes on her nomination and working closely with her in the years ahead to ensure that we build an economy that works for everyone.

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