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Shortly after 12PM ET tomorrow, President-elect Joe Biden and Vice President-elect Kamala Harris will be sworn in, marking the official beginning of the Biden-Harris administration. But before that - multiple confirmations for Biden's admin are afoot today.
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Confirmation hearings on deck today include Janet Yellen for Secy of Treasury, Avril Haines for director of nat'l intelligence over at ODNI, Alejandro Mayorkas for DHS Secy, Anthony Blinken for Secy of State and Lloyd Austin for Secy of Defense.
@CourthouseNews
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I will pop around from confirmation hearing to confirmation hearing today and post updates where I can in this thread.
Underway right now, the Senate Finance Committee hears from Biden's nom to serve as Secy of Treasury: Janet Yellen.
The former chair of the Fed Reserve has, for some time now, advocated for big, bold plans to address the economic downturn in US in light of the covid pandemic.
The former chair of the Fed Reserve has, for some time now, advocated for big, bold plans to address the economic downturn in US in light of the covid pandemic.
She supports Biden's $1.9T proposal. Background on that plan here: https://www.courthousenews.com/biden-readies-1-9-trillion-covid-relief-plan/
She also wants to take a tougher position against China (She cites today the nation's IP theft, issues around forced technology transfers and the "poor labor/enviro standards" there)
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"Maintaining confidence in the long-term strength of the US economy and stability of US financial system is good for America as well as trading and investor partners," Yellen says.
"I believe in market-determined exchange rates. The value of the US dollar should be determined by markets," Yellen continues.
"The US does not seek a weaker currency to gain competitive advantage & we should oppose attempts by other countries to do so."
"The US does not seek a weaker currency to gain competitive advantage & we should oppose attempts by other countries to do so."
"The potential targeting of exchange rates to gain an advantage is unacceptable," Yellen adds. And notes that she will strongly oppose any and all attempts by foreign nations to artificially manipulate currency values to gain an unfair advantage in trade.
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You can catch Yellen's hearing here courtesy of the Senate Finance Committee: https://www.finance.senate.gov/
At Yellen's hearing, Sen. Cantwell, D-WA, brings up the Trump "trade war" noting US companies lost $1.7T due to US tariffs. She's interested in shifting away from the Trump style of negotiations, ultimately, asking Yellen if she repudiates "unilateral protectionism"
Yellen: "I believe we should try to address unfair trade practices and the best way to do that is to work with our allies rather than unilaterally."
She then underlines:
She then underlines:
"When the unfair practices have to do with things like stealing IP or forced tech transfers, subsidies that provide unfair tech advantage, we should focus directly on those practices and work with allies to make sure they are addressed."
Another link to the stream: https://www.c-span.org/video/?507951-1/treasury-secretary-nominee-janet-yellen-testifies-confirmation-hearing&live
Yellen says she is concerned about impact of covid economic downturn on minorities, and she has already met with racial justice and equity groups. "I promise you that I will be fully focused on putting into place, at every level, relief for these communities."
One example Yellen provides is the state small biz credit initiative contained in Biden's proposed $1.9T relief package.
"There's money there to capitalize lending to small businesses and a proposal to provide grants to loans for small entrepreneurs," she says.
"There's money there to capitalize lending to small businesses and a proposal to provide grants to loans for small entrepreneurs," she says.
The Biden plan proposes $15B in grants for urgent relief to small businesses hardest hit by the pandemic + $35 to small biz lending.
A note: this would come in addition to the existing PPP program
A note: this would come in addition to the existing PPP program
She also vows to push hard programs related to food security, evictions, unemployment insurance and relief these households need (paid leave, min. wage).
Sen. Tim Scott during his line of q's to Yellen today offers criticism of the Biden proposal to raise min wage to $15/hour, saying it would be a drag on businesses and hurt the economy when it is already strapped by the pandemic.
Yellen first notes that much of what is known on raising the min wage is based on info from researchers looking at what happens when one state raises its min wage and another state leaves it alone. They review how biz fares in 2 diff places, often far from each other.
The former chair of the Federal Reserve continues: "The findings are that the job loss is very minimal if anything. The likely impact on jobs is minimal, that's my reading in research."
The wisdom is split on this + typically hyper-partisan.
In terms of Congressional Budget Office data, in '19, it found if wages phased up to $15/hr, it could cause two things to happen: On avg: About 1.3M ppl lifted out of poverty while another 1.3M jobs could be lost...but...
In terms of Congressional Budget Office data, in '19, it found if wages phased up to $15/hr, it could cause two things to happen: On avg: About 1.3M ppl lifted out of poverty while another 1.3M jobs could be lost...but...
It also was a pretty big range CBO based its findings on and this was the median estimate.
Their report from 2019 here: https://www.cbo.gov/system/files/2019-07/CBO-55410-MinimumWage2019.pdf
Their report from 2019 here: https://www.cbo.gov/system/files/2019-07/CBO-55410-MinimumWage2019.pdf
Yellen agreed with Sen. Scott that small biz is struggling and it is critical to help them, though.
"I appreciate the PPP package in the recently passed bill and pledge we'll do everything we possibly can to get that money out to struggling businesses."
"I appreciate the PPP package in the recently passed bill and pledge we'll do everything we possibly can to get that money out to struggling businesses."
In a city crawling w/heavy security ahead of the inauguration, a lengthy day of confirmation hearings features Biden’s picks for top spy chief, treasury secy, and heads of the nation’s homeland security agency & Defense Dept.
Developing:
https://www.courthousenews.com/bidens-incoming-cabinet-picks-face-senate-scrutiny/
w/ @JackRodgersCNS
Developing:
https://www.courthousenews.com/bidens-incoming-cabinet-picks-face-senate-scrutiny/
w/ @JackRodgersCNS
Over at the Avril Haines confirmation hearing (nom for dir. nat'I intel) there was a noteworthy exchange w/Sen. Wyden, D-Ore., re: existing law requiring DNI submit an unclassified report on the murder of Jamal Khashoggi.
Wyden: If you are confirmed, will you submit to Congress the unclassified report required by the law?”
“Yes senator, absolutely, I will follow the law,” Haines promised today.
Link to a stream of that Q&A with Wyden here:
“Yes senator, absolutely, I will follow the law,” Haines promised today.
Link to a stream of that Q&A with Wyden here:
