Janet Yellen

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A Bank Collapsed. Next: Moves to Avoid a 'Contagion'

Media outlets detail Biden administration's frenzied weekend to try to keep banking crisis at bay

(Newser) - The collapse on Friday of Silicon Valley Bank , which was bookended by the shuttering of two other financial institutions, led to wider fears among Biden administration officials: the possibility of a "contagion" that could lead to a domino effect of failure among America's banks, as one White House...

Janet Yellen: Forget About Minting a $1T Coin

Treasury chief throws cold water on unusual solution to debt-limit standoff

(Newser) - Another debt-ceiling standoff is upon us, which means a bizarre-sounding idea is once again in circulation: Mint a $1 trillion coin to pay the nation's debts. Treasury chief Janet Yellen, however, suggests advocates should forget it because the nation's central bank probably would not accept such a coin,...

In Senegal, Yellen Recoils at the Business of Slave Trading

Treasury secretary says administration has not endorsed reparations

(Newser) - US Treasury Secretary Janet Yellen paid a solemn visit Saturday to the salmon-colored house on an island off Senegal that is one of the most recognized symbols of the horrors of the Atlantic slave trade that trapped tens of millions of Africans in bondage for generations. Yellen, in Senegal as...

Trump Advice May Put Republicans in 'Political Corner'

Former president warns GOP not to go after Social Security, Medicare in debt ceiling fight

(Newser) - The potentially calamitous fight over the debt ceiling has begun, and former President Trump weighed in emphatically on Friday with advice to his fellow Republicans. “Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security,” Trump said in a video posted to...

Big Political Fight Everyone Predicted Is Getting Underway

Treasury's Yellen says the US is about to hit debt limit, prelude to showdown in Congress

(Newser) - In other years, it might be a humdrum political matter: Treasury chief Janet Yellen told Congress on Friday the nation will hit its debt limit on Thursday, reports Politico . This year, however, the warning is expected to begin what promises to be a protracted and high-stakes fight between the White...

House GOPer Sends Letter to Yellen on Hunter Biden

Republicans have started their probe into president's son, as well as into Joe Biden's finances

(Newser) - In October, federal agents announced they'd gathered enough evidence to justify charging Hunter Biden with crimes. Now, House Republicans have jump-started their long-desired investigation of the president's son, as well as the involvement of ex-Twitter employees in handling reporting on him. Per the Hill , a letter sent Wednesday...

It's a 'Huge Milestone' for US Currency

New banknotes are the first to be signed by 2 women

(Newser) - Treasury Secretary Janet Yellen on Thursday helped mark a milestone in US history when she held up a newly minted $5 bill signed for the first time ever by two women. Yellen's signature will appear alongside that of US Treasurer Lynn Malerba, the first Native American in that position,...

Yellen: I Worked Hard on a Legible Signature for US Bills

'I knew this was something you could really screw up,' she tells Colbert

(Newser) - Treasury Secretary Janet Yellen's signature will soon appear on US currency—and she says she "practiced and practiced" to make sure it was legible, unlike the signatures of some of her predecessors. "Tim Geithner and Jack Lew signed the currency and their signatures were so illegible that...

A New Economic Term Enters the Lingo

A New
Term Enters
the Lingo
the rundown

A New Economic Term Enters the Lingo

Treasury chief Janet Yellen pushes 'friend-shoring' in South Korea speech

(Newser) - In a speech in South Korea on Tuesday, Treasury Secretary Janet Yellen pushed the idea of "friend-shoring" as economic policy. Broadly speaking, the new-ish term refers to the idea of trading more closely with allies instead of "geopolitical rivals," as the Wall Street Journal puts it. For...

2 Gloomy Forecasts Sour the Market's Mood

Yellen worries about inflation, the World Bank about stagflation

(Newser) - The US stock market did not wake up in a great mood on Wednesday, with the Dow and the benchmark S&P 500 both down about half a percentage point in early trading. That might have something to do with two dour forecasts issued Tuesday about the US and the...

Janet Yellen: I Was Wrong About Inflation

Treasury secretary says she did not accurately predict 'the path that inflation would take'

(Newser) - Last year, Treasury Secretary Janet Yellen said that inflation posed just a "small risk" to Americans. Now, she's admitting she didn't get that quite right. "I think I was wrong then about the path that inflation would take," Yellen told CNN Tuesday when Wolf Blitzer...

Western Allies Clear Room When Russians Speak at G20

Yellen says she can't abide 'business as usual' after invasion

(Newser) - Western allies took another step toward isolating Russia on Wednesday when their representatives walked out of a G20 meeting as the country's financial officials spoke. Delegations from Britain, Canada, and the US—including Treasury Secretary Janet Yellen—left the session in Washington, Reuters reports. Yellin said she objected to...

New 'Remarkable' Women's Quarters Starts With a Big One

US Mint has started shipping quarters with image of poet Maya Angelou, first in a series

(Newser) - The United States Mint said Monday it has begun shipping quarters featuring the image of poet Maya Angelou, the first coins in its American Women Quarters Program. Angelou, an American author, poet, and civil rights activist, rose to prominence with the publication of I Know Why the Caged Bird Sings...

Under Quirky Law, We Really Could Mint a $1T Coin

'Gimmick' floated as one solution to the debt-ceiling impasse

(Newser) - Some politicians think they've found a silver bullet for the impasse over the debt limit, except the bullet is made of platinum: Mint a $1 trillion coin and use it to flood the treasury with cash. Even its serious proponents— Paul Krugman is one of them —call it...

Yellen Wants Minimum Global Corporate Tax

Treasury secretary criticizes nation-by-nation cuts

(Newser) - Treasury Secretary Janet Yellen on Monday urged the adoption of a minimum global corporate income tax, an effort to offset any disadvantages that might arise from the Biden administration's proposed increase in the US corporate tax rate. Citing a "30-year race to the bottom" in which countries have...

Janet Yellen at Helm of Treasury Is a Big First

Senate OKs Biden's nominee, making her the first woman to lead the department

(Newser) - The Senate on Monday approved President Biden's nomination of Janet Yellen to be the nation's 78th Treasury secretary, making her the first woman to hold the job in the department's 232-year history. Yellen, a former chair of the Federal Reserve, was approved by the Senate in an...

Congratulations, Trump Says, but Not to Biden

President praises administration and nation as Dow breaks 30,000

(Newser) - President Trump had no public appearances scheduled Tuesday before the annual pardoning of the Thanksgiving turkey in the afternoon, but events changed that. With only moments' notice, the president walked into the White House briefing room to make the announcement, the Hill reports. "The stock market Dow Jones Industrial...

Report: Biden Has Picked Yellen for Treasury Secretary

She chaired the Fed from 2014 to 2018

(Newser) - The first woman to lead the Federal Reserve is set to become the first female Treasury secretary. Sources tell the Wall Street Journal and the AP that President-elect Joe Biden has tapped 74-year-old labor economist Janet Yellen, who chaired the Fed from 2014 to 2018, for the role. Yellen also...

Trump's Former Fed Chief Is Hitting Back at Him

Janet Yellen says POTUS does not understand the Fed

(Newser) - Janet Yellen, who was chair of the Federal Reserve until President Trump replaced her with Jerome Powell, says she doesn't think the POTUS understands economic policy or the Fed. In an extensive interview with the radio program Marketplace , Yellen cited Trump's statements "about the Fed having an...

US Fed Caps Wells Fargo's Assets in 'Unprecedented' Move

Bank can't grow until it proves widespread misconduct is in the past

(Newser) - In what CNN calls an "unprecedented" punishment, the US Federal Reserve on Friday ordered Wells Fargo to halt all growth until "it sufficiently improves its governance and controls" in the wake of "pervasive and persistent misconduct." The bank admitted in 2016 to opening 3.5 million...

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