July 1, 2021
Statement by Secretary Yellen on the agreement of 130 countries representing over 90% of global GDP to support a global minimum tax for the world’s largest corporations.
Today is an historic day for economic diplomacy. For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster?
No nation has won this race. Lower tax rates have not only failed to attract new businesses…
June 23, 2021
Commencement address to Fort Hamilton High School, Class of 2021. This address was filmed and delivered virtually. This address was also the focus of a profile of Secretary Yellen in the New York Times, Yellen Steers the Economy with Brooklyn on Her Mind.
To Principal Houlihan and the Fort Hamilton faculty and staff; to the proud parents and family and friends; and, of course, to the graduating class of 2021: Congratulations!
I am especially honored to be part of your graduation. Because for more than fifty years, I have been saying what you can say now. “I…
Guest post by Deputy Secretary of the Treasury Wally Adeyemo
June 17, 2021
I. The State of the Housing Market
Ensuring more Americans have access to affordable housing is critical to creating a pathway to opportunity. Numerous studies have linked access to stable, high-quality, affordable housing to reductions in child poverty, improvements in educational performance and developmental outcomes, and increases in lifetime earnings. Especially for communities and people of color, affordable housing constitutes a critical rung on the ladder of economic prosperity. In total, economists estimate that the nation’s lack of affordable housing costs the U.S. …
June 15, 2021
Remarks given at a White House press conference announcing $1.25 Billion in awards to CDFIs to support economic relief in underserved communities affected by COVID-19. The press conference was led by Vice President Harris.
Thank you, Madam Vice President. Thank you for hosting us and, more importantly, for elevating this issue.
As the Vice President mentioned, today Treasury is awarding $1.25 billion to 863 Community Development Financial Institutions across the country. …
June 7, 2021
Remarks, as prepared, for the U.S. Department of Commerce’s SelectUSA Investment Summit promoting foreign direct investment in the United States.
Hello. It’s wonderful to join you to today. I want to thank the Secretary Raimondo and the Commerce Department for inviting me to say a few words about the US economy — and where our administration would like to guide it in the coming years.
As you’re likely aware, our economy is in the midst of a rapid transition. …
June 5, 2021
Statement and Remarks at the close of the G7 Finance Ministers and Central Bank Governors Meetings, in London, United Kingdom. The Statement was published soon after the G7 agreement on a global minimum tax was reached, and the Remarks on G7 priorities were given at a press conference following the close of the G7 Finance Meetings.
Statement: G7 Finance Ministers’ Commitment to Global Minimum Tax
The G7 Finance Ministers have made a significant, unprecedented commitment today that provides tremendous momentum towards achieving a robust global minimum tax at a rate of at least 15%. That global minimum…
June 3, 2021
Remarks, as prepared, for the G-20 Infrastructure Investors Dialogue.
Minister Franco, Minister Al-Jadaan, Minister Indrawati and other distinguished guests, it’s an honor to be with you. I want to thank the Italian Presidency and the G20 for inviting me to speak with you, especially about such an important challenge: increasing infrastructure investment in accordance with environmental, social, and governance principles. These investments are key to combatting climate change, and this decade will be decisive.
To keep a global warming limit of one-and-a-half degrees Celsius within reach, we must all get on the right path now. This will…
May 26, 2021
Remarks, as prepared, to the Treasury Department-chaired Financial Literacy and Education Commission at the end of Financial Education Month.
Thank you so much for joining us. I’m so glad to chair this meeting of the Financial Literacy and Education Commission, and I am very enthusiastic about the chosen topic: addressing some of the longstanding inequalities in our country; the fact that our economy worked has never worked fairly for people of color.
I’ve been an economist for a long time, and this is one of the areas where I’ve focused my attention.
It was probably because I…
May 20, 2021
Remarks, as prepared, on President Biden’s Executive Order on climate-related financial risks.
Achieving net zero emissions in the United States will require transformational investments in our energy sector and the broader economy, and the global financial sector will be a crucial player, helping channel capital into investments that green our society.
But in order for the financial sector to do that, it also must be resilient to the risks that climate change poses.
The Executive Order (EO) articulates a plan to make that happen; it coordinates regulatory efforts to assess climate-related financial risks and risks to financial…
May 18, 2021
Remarks as prepared for delivery to the U.S. Chamber of Commerce Global Forum on Economic Recovery. Remarks address the COVID-19 pandemic, long-standing underinvestment in infrastructure, taxation, climate change, and public and private responsibility to respond to structural inequities.
Anyone observing the United States in recent years would see striking contrasts across our economic landscape.
We have been the largest economy in the world for over a century and our national income has risen steadily. …
78th Secretary of the Treasury. Former Fed Chair. Always an economist.