By MARTIN CRUTSINGER, AP Economics Author
WASHINGTON (AP) — The Senate Finance Committee authorized President Joe Biden’s nomination of Janet Yellen to be the nation’s 78th Treasury secretary on Friday, and supporters stated they hoped to get the total Senate to approve it later within the day, making her the primary girl to carry the job.
The Finance Committee authorized her nomination on a 26-0 vote. The administration is urging a fast affirmation vote, saying it’s vital to get the highest member of Biden’s financial crew in place because the Democratic president seeks to win approval of a $1.9 trillion coronavirus aid plan.
Sen. Ron Wyden, D-Oregon and the incoming chairman of the Finance Committee, stated he hoped to get Yellen’s nomination authorized by the total Senate later Friday.
Republicans on the committee stated that they had numerous coverage disagreements with Yellen and the Biden administration in such areas as elevating taxes on companies and the rich however believed it was vital to permit Biden to assemble his financial crew rapidly.
At her affirmation listening to earlier than the Finance Committee on Tuesday, Yellen had argued that with out immediate motion the nation confronted the specter of a “longer, extra painful recession.” She urged fast motion on the package deal that would supply an extra $1,400 in funds to people making beneath $75,000 yearly in addition to offering expanded unemployment advantages, additional assist for small companies and help for cities and states to stop layoffs.
The plan additionally offers extra help for vaccine manufacturing and distribution.
Throughout the listening to, Yellen confronted substantial pushback on the plan from Republicans on the committee who argued that the package deal was too giant, particularly at a time that the federal funds deficit has soared above $3 trillion. In addition they objected to such measures as a rise within the minimal wage to $15 per hour.
Sen. Charles Grassley, R-Iowa, advised Yellen that Biden’s plan represented a “laundry record of liberal structural financial reforms.”
As Treasury secretary, Yellen, 74, would occupy a pivotal position in shaping and directing Biden’s financial insurance policies. She would enter the Treasury job after a few years serving in different high financial jobs together with changing into the primary girl to function chair of the Federal Reserve from 2014 to 2018.
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