Former Federal Reserve Chairman Janet L. Yellen, President-elect Joe Biden, who was elected Treasury Secretary, addresses the Queen in Wilmington, DE on December 1, 2020.
Demetrius Freeman | The Washington Post | Getty Images
Treasury Secretary Janet Yellen will paint an optimistic picture for the US economy as it emerges from the coronavirus pandemic, telling US lawmakers Tuesday that it sees both growth and potentially full employment over the next year – due to the coronavirus stimulus package by President Joe Biden.
Yellen, in written certificate prepared for delivery As the US House of Representatives Financial Services Committee passed the US $ 1.9 trillion bailout bill, the US House of Representatives said: “I am confident that the people with livelihoods intact will reach the other side of this pandemic. And I believe they will will do.” be hit there by a growing economy. In fact, I think we will see a return to full employment next year. “
Yellen said the Treasury Department, tasked with implementing much of the Biden stimulus plan and distributing the funds, is working to accelerate aid in areas in greatest need, including the smallest small businesses that are disproportionately owned by Women and colored people are.
The Treasury Department is also reducing some documentation requirements for Americans struggling to get funding to help them complete home rentals and mortgage payments to expedite the implementation of a $ 30 billion housing assistance plan.
“We are cutting the bureaucracy for them and still taking sensible steps to prevent fraud and abuse,” said Yellen.
The Treasury Department is also working closely with state, local, tribal and territorial governments to provide $ 350 billion in aid to them, she said.
Finance officials said last week that the state and local aid program, which is still setting rules for how funds are used, will start distributing funds within about 60 days.