- U.S. Treasury Secretary Yellen: Success for stimulus would mean getting back to pre-pandemic levels of unemployment, restoring service sector jobs
Market news
22 February 2021
U.S. Treasury Secretary Yellen: Success for stimulus would mean getting back to pre-pandemic levels of unemployment, restoring service sector jobs
- Prolonged downturn, slow recovery will take a fiscal toll
- U.S. interest payments as share of GDP are currently at 2007 levels
- Recapitalization of banks after 2008-09 financial crisis has left stronger core financial system
- Financial tax would need to be studied for negative effects
- Wealth tax has difficult implementation problems
- U.S. President Biden is committed to not raise taxes on those earning less than $400,000 a year
- Treasury will discuss climate stress testing for banks; other bank regulators, Fed, insurance regulators will take the lead on climate change financial stress testing
- It makes sense for Fed to study digital dollar currency
- Digital currencies could lead to faster, cheaper payments, but many issues need to be studied, including consumer protection, money laundering
- It is important that investors at retail level are treated fairly, have opportunity to trade in markets
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