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@bloomberg 2/ important that very little of #yellen #monetarypolicy is to change under #bessent
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#yellen
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Outgoing Treasury Secretary #Janet #Yellen is announcing that she's planning to take "#extraordinary #measures" to save the U.S. economy beginning on January 21
— the day after Donald Trump will officially begin his second term in office.
Politico reported Friday that Yellen made the announcement in a letter to congressional leaders
The letter comes as the United States prepares to reach the 
statutory limit on borrowing
-- which Yellen wrote last month would happen between January 14 and January 23.
She warned in that letter that the Department of the Treasury would need to take "extraordinary measures" in order to avoid a debt default, should Congress fail to raise the debt ceiling before then.
In her latest letter, Yellen said she would begin taking those "extraordinary measures" next Tuesday,
which will reportedly include 
tapping into federal retirement funds that aren't immediately needed to pay out benefits to retired postal workers and other federal employees.
She also plans to temporarily
suspend investments into those funds in order to keep the U.S. current on its debt service obligations.
"The period of time that extraordinary measures may last is subject to considerable uncertainty,
including the challenges of forecasting the payments and receipts of the U.S. Government months into the future,"
she wrote in her January 17 letter to Congress
Alternet.org · Treasury secretary says she’ll take 'extraordinary measures' day after Trump inauguration
Janet Yellen tells Congress US could hit debt limit in mid-January
https://apnews.com/article/treasury-debt-limit-yellen-trump-elections-republicans-9c5d27c08feb744f5ee59dc2c87a06d5
The IRS has 
collected $1.3 billion from high-wealth tax dodgers since last fall,
the agency announced Friday, crediting 
spending that has ramped up collection enforcement through President Joe Biden’s signature climate, health care and tax package signed into law in 2022.
Treasury Secretary #Janet #Yellen and IRS Commissioner #Danny #Werfel traveled to Austin, Texas, to tour an IRS campus and
announce the latest milestone in tax collections as 
Republicans warn of big future budget cuts for the tax agency if they take over the White House and Congress.
Yellen said in a speech in Austin that in 2019, 
the top one percent of wealthy Americans owed more than one-fifth of all unpaid taxes, “leaving ordinary Americans to shoulder the burden.”
️“To fix this, we’ve channeled IRS funding toward significant investments to combat tax evasion,” she said.
https://apnews.com/article/irs-treasury-tax-wealth-ira-2932f286c89b19b9ccecaaca2f4f2c2b
US will not support global tax on billionaires
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A proposal under consideration by some members of the G20 group of advanced economies that would place a worldwide tax on the assets of the ultrawealthy does not have the support of the Biden administration, U.S. Treasury Secretary Janet Yellen said Monday.
Yellen told The Wall Street Journal that the...
https://alaska-native-news.com/us-will-not-support-global-tax-on-billionaires/74147/
#yellen #wealth #global #tax #biden
UST secretary Janet #Yellen says she disagrees with #Moody ‘s negative outlook on US economy, chart @economics https://www.bloomberg.com/news/articles/2023-11-14/yellen-says-she-disagrees-with-moody-s-negative-outlook-on-us?srnd=economics-v2#xj4y7vzkg
Redux.
Our booming #economy is on its way to equaling THE NEW DEAL OF THE 1930s.
Learning from the good past!
Joe #Biden, #Kamala Harris and Janet #Yellen
have resurrected the idea that gov can promote economic growth by regulating businesses, protecting workers, and investing in ordinary Americans.
"That theory reaches back to liberal consensus of 1933 to 1981, when both parties believed the modern economy required the fed gov to keep the playing field level…
"The gov regulates business, provide basic social safety net, promote infrastructure, and protect civil rights.
The “great compression.” Wealth and income distrib became more even, and economic inequality fell dramatically. The economy boomed.
Letters from an American · October 26, 2023
Replied in thread
@jmcrookston 
to all of that
the most recognized current economists these days, I’ve come to the realization aren’t very good at their jobs #Yellen #Greenspan
my
college flower guy knows more I swear
it’s the mass disability in young people that is seriously worrisome
It was cold enough to wear my winter coat out yesterday & the oblivious
made me sad. If they won’t wear it in cold, they’ll never wear one anywhere
Continued thread
The #sanctions are part of the U.S. effort “to target #Russia’s #military #SupplyChains & deprive #Putin of the #equipment, #technology, & #services he needs to wage his barbaric war on #Ukraine,” Janet L. #Yellen, secretary of the #Treasury, said in a statement.
“Today’s actions show our global reach in imposing severe #costs on Putin’s #oligarchs,” she added.
#US treasury secretary Janet #Yellen has started a craze in #China for a magic mushroom-based dish called Jian shou qing, or “see hand blue”, after she was spotted eating the fungi while on a visit to Beijing in July.
“There was a delicious mushroom dish I was not aware that these mushrooms had hallucinogenic properties. I learned that later,” she told CNN.
"[N]one of us felt any ill-effects from having eaten them,” she added.
The GuardianJanet Yellen inadvertently ate hallucinogenic mushrooms in China – and started a trend
Janet #Yellen is so smart. She and her team have come up with a way to help banks manage risk from spillover effects of #SVB closure, without giving a bailout that rewards bad management and those investors who chose to support them. I don’t know that this solution will effectively stabilize the banking sector but it certainly seems worth a try. The NYT has one of the clearer descriptions of the plan. Gift access to its coverage: https://www.nytimes.com/2023/03/12/business/janet-yellen-silicon-valley-bank.html?unlocked_article_code=6GIFRKaG2_VqbJR0ifjIBY08kcLlOi3Q6X_mzvGfrMncR_vtxt2o1zy1a9eMR2inCkaFmGNHbllyxBPTi1YVfA3hb-jHFFSxlS8M2EjM-YOVs6U-NiEvOYh6b84xQlS720ZjJAoO-dtcuAeX9mgHCZgciQr8ZORVBgl7hHkn0zBpJc3Jl876qrqPO07llQ4OKjnc3yWlNw6NE1O6CVqay-BcL9eQicLd1HJk7_tdrH1y1BSuK_gvl7oVxBY3L24YV2qfDfKd8rRYNzvFbJ_orV3SSZz9AO6XdlKa1wd_mlJLZQJAza6RKCPbjsPdJt72xH_UFuVMerqncEeYsg6s_KdutKE4fp6Oex9a&smid=url-share
The New York TimesRegulators Race to Contain Silicon Valley Bank Fallout and Close Signature Bank
MSNYellen rules out bailout for SVB: "We're not going to do that again"The collapse of Silicon Valley Bank is the largest of a financial institution since the failure of Washington Mutual in 2008.
Yellen Visits Kyiv, Reaffirming U.S. Support for Ukraine
Treasury Secretary Janet Yellen made an unannounced visit to the capital of Ukraine, which has used billions in aid from the United States to keep operating over the past year. #nytimes https://www.nytimes.com/live/2023/02/27/world/russia-ukraine-news/here-are-the-latest-developments-in-the-war-in-ukraine?smid=url-share #Yellen #Ukraine #Kyiv
#Powell ’s fundamental metric is whether #debt is growing faster than the gross domestic product. That’s entirely different to what #Yellen, his predecessor as #Fed chair, is looking at: real net interest as a share of GDP, chart @bpolitics https://cutt.ly/B3fuP5I
US Will Hit #DebtLimit Jan. 19, #Yellen Tells Congress https://www.nytimes.com/2023/01/13/business/economy/debt-limit-us-economy.html Yellen’s letter to #Congress
was the first sign that #GOPtraitors resistance to lifting the borrowing cap could put the economy at risk & signals the beginning of an intense fight in DC this year over spending & deficits
“Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans and global financial stability Ms. Yellen wrote #Economy
www.nytimes.comU.S. Will Hit Debt Limit on Thursday, Yellen Tells Congress