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Biden, who will be sworn into office on Wednesday, outlined a
$1.9 trillion stimulus package proposal last week, saying bold
investment was needed to jump-start the economy and accelerate
the distribution of vaccines to bring the virus under control.
"Neither the president-elect, nor I, propose this relief package
without an appreciation for the country’s debt burden. But right
now, with interest rates at historic lows, the smartest thing we
can do is act big," Yellen, a former Federal Reserve chair, said
in a prepared opening statement for her hearing before the
committee.
"I believe the benefits will far outweigh the costs, especially
if we care about helping people who have been struggling for a
very long time," she said in the statement, which was obtained
by Reuters.
The proposed aid package includes $415 billion to bolster the
U.S. response to the virus and the rollout of COVID-19 vaccines,
some $1 trillion in direct relief to households, and roughly
$440 billion for small businesses and communities particularly
hard hit by the pandemic.
Many Americans would receive stimulus payments of $1,400, which
would be on top of the $600 checks approved in a pandemic relief
bill passed by Congress last month. Supplemental unemployment
insurance would also increase to $400 a week from the current
$300 a week, and it would be extended to September.
In her prepared testimony, Yellen also says the U.S. economy
must be rebuilt "so that it creates more prosperity for more
people and ensures that American workers can compete in an
increasingly competitive global economy."
Senator Ron Wyden, a Democrat who is set to take over as
chairman of the committee soon after Biden and Vice
President-elect Kamala Harris are sworn in on Wednesday, said in
a statement that "nobody is better qualified than
Secretary-Designate Yellen to lead an economic recovery."
Wyden added that the hearing on Tuesday "will provide a great
opportunity to hear about what worked and what didn’t during the
Great Recession, and what we need to do to get this economy back
on track."
Yellen will replace Treasury Secretary Steven Mnuchin if
confirmed by the Senate. Mnuchin will step down on Wednesday.
A Biden ally said Yellen's confirmation is expected to be among
the least controversial of Biden's picks to fill key roles in
his administration, but that she would still be likely to face
questions over his tax and spending proposals.
(This story refiles to fix typo in Kamala Harris name in
paragraph 8)
(Reporting by David Shepardson; Additional reporting by Trevor
Hunnicutt; Editing by Paul Simao)
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