And I hope to do so in person sooner rather than later.Note: Many of the features in the new Outlook for Windows work the same or similarly as Outlook on the web. I am profoundly glad to be working alongside dedicated public servants once again. I cannot be sure about the future, but I expect that when economists look back at this period in American history, they’ll conclude that perspective helped us leave behind a stronger, more prosperous country. You see economic policy as a way to improve people’s lives you see the humanity beneath the data. I know that many of you share this sensibility. Those moments remain some of the clearest of my early life, and they are likely why, decades later, I still try to see my science – the science of economics – the way my father saw his: as a means to help people. My father had such a visceral reaction to economic hardship. He would come home at night, and he would tell us when one of his patients had lost a job or couldn’t pay. He was a doctor in a working-class part of Brooklyn. I’m excited about this “listening tour,” and you can expect more details in the coming days as we determine how to conduct these meetings virtually.ĭuring my confirmation hearing, I spoke about why I became an economist. I want to hear from you about what needs changing and what we can do better. That is why over the next few weeks, I plan to meet with each office and bureau. We must tap the full measure of the institution’s talent and expertise. Ours will have to be an inclusive Department. These are ambitious goals, and I am fully aware none of them will be accomplished by working exclusively with a small team out of the Secretary’s office. We can – and should – use it to address inequality, racism, and climate change. Indeed, the reason I went from academia to government is because I believe economic policy can be a potent tool to improve society. Nor is it simply a collection of theories. I believe our Department can play a major role in addressing each of these crises.Īfter all, economics isn’t just something you find in textbook. People worry about a K-shaped recovery to the pandemic – and that is a cause for concern – but long before COVID-19 infected a single individual, we were living in a K-shaped economy, one where wealth built on wealth while certain segments of the population fell further and further behind. But in addition to the pandemic, the country is also facing a climate crisis, a crisis of systemic racism, and an economic crisis that has been building for fifty years. If you have listened to President Biden speak over the past few weeks, you have heard him talk about “four historic crises.” COVID-19 is one. Then, there is another set of long-term objectives. But even as we work to recover from this pandemic, we cannot forget about the Department’s usual business the essential work that ranges from overseeing financial markets, to managing the nation’s finances, to strengthening the global economy and fighting illicit finance in partnership with America’s allies. This task will occupy our days (and probably many of our nights) in the near future. Then, we must assist them in getting back to work safely. We must help the American people endure the final months of this pandemic by making sure they have roofs over their head and food on the table. Without Treasury, for instance, Americans would not have received economic impact payments from the CARES Act. I know many Treasury employees have been responding to the economic emergency since the beginning. Sixteen million Americans are still relying on unemployment insurance. ![]() Entire industries have paused their work. ![]() The pandemic has wrought wholesale devastation on the economy. ![]() Of course, the current crisis is very different from 2008. Your work helped save the economy from its worst crisis since the Depression. I remember participating in a countless string of late-night conference calls and admiring the dedication and creativity of Treasury’s experts. But during the financial crisis, the two teams grew close. The Treasury staff weren’t exactly our coworkers. I had just spent fourteen years at the Federal Reserve. When President Biden asked if I would accept the position of Treasury Secretary, I said “yes” in large part because I knew who I would be working with. It’s an incredible honor to join this team of 84,000 public servants. My name is Janet Yellen, and a short while ago, I was sworn in as the 78th Secretary of the Treasury. Yellen sent a letter to the 84,000 public servants of the Department. Department of the Treasury by Vice President Kamala D. ![]() WASHINGTON – Today, after being sworn in as the 78th Secretary of the U.S.
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