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  • Writer's pictureOlga Nesterova

Secretary Yellen's Vision for Economic Competitiveness Unveiled at the Economic Club of New York


Secretary Of The Treasury Janet Yellen at the Economic Club Of NY, June 13, 2024
Secretary Of The Treasury Janet Yellen at the Economic Club Of NY, June 13, 2024

The luncheon at the Economic Club of New York (ECNY) unfolded in an esteemed atmosphere, presided over by the President of NY Fed, John Williams, who introduced Michael Peterson, the son of the founder of the Peter G. Peterson Award. Peterson, in turn, presented the Honorary Secretary of the Treasury, Janet Yellen, underscoring her groundbreaking achievements as the first woman to hold the "trifecta" of positions in the U.S. government. From serving as the Chair of the Board of Governors and the Head of the Federal Reserve System to her current role as Secretary of the U.S. Department of the Treasury since 2021, Yellen's tenure marks a historic milestone. Peterson, with a touch of humor, remarked that Yellen "finally has something reputable to add to her resume" as the recipient of the prestigious award.


As the luncheon guests savored their meals, they had the privilege of hearing from the previous year's awardee, Bill Gates, who spoke via video, expressing his admiration for Secretary Yellen. Anticipation grew as Secretary took the stage to accept the award and deliver her insightful speech on advancing economic competitiveness and fostering inclusive growth.


In her address at the Economic Club of New York (ECNY), Secretary of the Treasury Janet L. Yellen outlined a comprehensive strategy aimed at expanding the nation's economic capacity and fostering inclusive growth. Recognizing the pivotal role of both the public and private sectors, Yellen emphasized the importance of collaboration in driving sustainable economic development.


Yellen opened her speech with gratitude for receiving the prestigious Peter G. Peterson Leadership Excellence Award and acknowledged the esteemed legacy of past honorees. She highlighted the significance of the ECNY as a venerable platform for discussing critical domestic and global issues since its inception in 1907.


Reflecting on her previous address at the ECNY in 2016, during her tenure as Chair of the Federal Reserve, Yellen transitioned to discussing the Biden Administration's agenda of enhancing economic productivity in an inclusive and environmentally sustainable manner, termed as modern supply-side economics.


Highlighting the historic economic recovery under the current Administration, Yellen underscored the resilience of economic growth, a healthy labor market, and significant business contributions. However, she acknowledged persisting challenges such as concerns over the cost of living and the need for increased inclusivity in economic growth.


Emphasizing the critical role of infrastructure investment in boosting productivity and competitiveness, Yellen cited the Bipartisan Infrastructure Law as a transformative initiative. She stressed the importance of reaching marginalized communities and ensuring equitable distribution of resources to maximize economic gains.


Addressing challenges in the labor force, Yellen outlined the Administration's efforts to enhance workforce development and accessibility to good jobs. Initiatives such as tax incentives for hiring apprentices and investments in affordable childcare aim to support individuals and businesses alike.


Underscoring the importance of research and development (R&D) and strategic investments in industries like semiconductors and clean energy to bolster American competitiveness, Yellen highlighted legislative measures such as the CHIPS and Science Act and the Inflation Reduction Act, which aim to stimulate innovation and address climate change.


Yellen addressed concerns regarding international competitiveness and emphasized the need for fair trade practices amidst global economic integration. She expressed particular concern over China's economic policies and pledged to advocate for American interests while pursuing multilateral partnerships to diversify supply chains.


In conclusion, Secretary Yellen reiterated the significance of collaboration between the public and private sectors in advancing economic competitiveness and ensuring long-term prosperity. She expressed optimism about the transformative potential of modern supply-side economics in addressing systemic challenges and fostering inclusive growth.



Secretary Yellen in conversation with the President of NY Fed John Williams at the Economic Club Of NY, June 13. 2024
Secretary Yellen in conversation with the President of NY Fed John Williams at the Economic Club Of NY, June 13. 2024


Following the official address, the Secretary engaged in a discussion with the President of the NY Fed, John Williams, fielding questions on the present and future economic landscape. When asked about sectors ripe for small business growth, she highlighted AI as one with significant potential but emphasized renewable energy as particularly crucial to the administration.


The conversation then shifted to Russia in light of stringent economic sanctions announced earlier today by The U.S. Department Of State.


The Secretary outlined two primary objectives of the sanctions: impeding Russia's access to military supplies and diminishing their war financing capabilities.

During the subsequent press "gaggle", the Secretary conveyed a firm message to Vladimir Putin, affirming unwavering support for Ukraine and proposing the allocation of profits from Russian assets, along with the newly designated $50B for Ukraine's reconstruction post-invasion.


In response to a query regarding potential sanctions on China, she indicated no immediate plans to target major Chinese banks, citing China's cooperation on the matter.


Yellen's address at the ECNY provided a comprehensive roadmap for advancing economic competitiveness and fostering inclusive growth, emphasizing the importance of collaboration between the public and private sectors in achieving these goals.



 


Source: ONEST coverage of the event at the Economic Club Of NY, June 13, 2024

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