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Economy22 hours earlier (Mar 22, 2021 10: 00 PM ET)
© Reuters. SUBMIT PHOTO: U.S. Treasury Secretary-designate Janet Yellen in Wilmington, Delaware
WASHINGTON (Reuters) – Treasury Secretary Janet Yellen will paint an optimistic picture for the U.S. economy as it emerges from the coronavirus pandemic, telling U.S. lawmakers on Tuesday that she sees both growth and perhaps full work next year – due to President Joe Biden’s coronavirus stimulus bundle.
Yellen, in composed testimony prepared for shipment to the U.S. Legislature Financial Services Committee, said that with passage of the $1.9 trillion American Rescue Strategy Act, “I am confident that people will reach the other side of this pandemic with the foundations of their lives undamaged. And I think they will be met there by a growing economy. I think we may see a return to complete work next year.”
Yellen stated the Treasury, charged with executing much of the Biden stimulus strategy and distributing the funds, was working to speed up relief to the areas of biggest requirement, including the smallest of small businesses, which are disproportionately owned by ladies and individuals of color.
The Treasury also is lowering some documentation requirements for struggling Americans to receive funds to assist them make real estate rental and home mortgage payments in an effort to speed the implementation of a $30 billion real estate aid plan.
” We’re cutting through the red tape for them, while still taking affordable actions to avoid scams and abuse,” Yellen stated.
Treasury is likewise working carefully with state, regional, tribal and territorial governments to implement $350 billion in aid to them, she stated.
Treasury authorities said last week that the state and city government aid program, which is still setting guidelines on using funds, would begin distributing cash within about 60 days.
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