Janet Yellen tells lawmakers it’s ‘critically important to act now’ on economic relief plan

Janet Yellen tells lawmakers it’s ‘critically important to act now’ on economic relief plan

Finance committee chairman calls Biden relief plan ‘laundry list of liberal structural economic reforms’

Treasury nominee Janet L. Yellen argued Tuesday that it’s “critically important to act now” to pass more economic relief for the coronavirus pandemic, as she confronted scathing GOP criticism of President-elect Joe Biden’s $1.9 trillion stimulus plan.

Appearing for her confirmation hearing before the Senate Finance Committee, Yellen argued that the plan would help — not hurt — the nation’s ballooning debt. She disputed arguments from Sen. Tim Scott (R-S.C.) that the plan’s provisions to raise the minimum wage to $15 an hour would cost jobs.

Finance Committee Chairman Charles E. Grassley (R-Iowa) called the plan a “laundry list of liberal structural economic reforms.”

And Sen. Patrick J. Toomey (R-Pa.) told Yellen: “I look forward to working with you, but I have to admit that the contours of the stimulus bill as proposed by the Biden administration are going to make that difficult.”