Yellen requires a worldwide company tax of no less than | Illinois Information

“We have 51 or 52 Fortune 500 companies that haven’t paid a penny a day in three years?” Said Biden. “Come on.”

Yellen, meanwhile, has downplayed the potential of the Biden government’s domestic agenda, which includes a $ 1.9 trillion COVID relief package approved last month, to boost inflation. Former Treasury Secretary Larry Summers has raised such concerns since the relief bill was passed.

“I strongly doubt that this will cause inflationary pressures,” said Yellen, referring to the government’s infrastructure proposal. “For a long time, the problem was too low inflation, not too high inflation.”

Yellen also said the United States will step up its efforts at home and abroad to combat climate change “after sitting on the sidelines for four years.”

The Treasury Department will work to “encourage the flow of capital towards climate-friendly investments and away from high-carbon investments,” Yellen said. This approach has sparked the ire of GOP Congressmen who say it threatens the US oil and gas industry’s ability to access needed credit.

Yellen also noted that many developing countries are lagging behind in vaccinating their populations and also having harsh economic consequences from the pandemic. Up to 150 million people worldwide will find themselves in extreme poverty this year, Yellen said.

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