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Yellen, in prepared remarks to a U.S. House of Representatives Appropriations subcommittee, said that the G20 Debt Service Suspension Initiative for poor countries and a new debt restructuring "Common Framework" both need funding from Congress. "Without new funding, the United States could be forced to delay the multilateral debt process under the Common Framework and charge much higher interest rates on DSSI debt service suspensions," Yellen said. She said the budget plan also includes funding for the first-ever U.S. contribution to the IMF's Poverty Reduction and Growth Trust, a fund that aids poor countries. It also would allow the United States to lend IMF Special Drawing Rights (SDRs) through the trust to poorer countries that need them. Yellen said that these countries would be allocated SDRs as IMF members.
Persons: Janet Yellen, Yellen, Justin Tallis, Guy Reschenthaler Organizations: Treasury, World Bank, International Monetary Fund, U.S . House, Initiative, Development Association, Growth Trust, Winfield House, IMF, Republican, Thomson Locations: U.S, United States, London, Britain, China, Russia, Iran, Myanmar, Burma
U.S. May budget deficit shrinks as revenues rise sharply, Treasury says
  + stars: | 2021-06-10 | by ( David Lawder | ) www.reuters.com sentiment -0.61   time to read: +1 min
FILE PHOTO: The United States Department of the Treasury is seen in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew KellyWASHINGTON (Reuters) - The U.S. government posted a May deficit of $132 billion, about a third of the May 2020 deficit of $399 billion, as higher employment and an earlier tax deadline this year boosted receipts sharply, even as COVID-19 pandemic-related outlays grew, the U.S. Treasury said on Thursday. The Treasury also said taxes withheld from wages increased by 20% to $204 billion during May compared to a year ago, while May corporate taxes rose to $18 billion from $2 billion last year. This spending also helped push the fiscal year-to-date deficit to a record $2.064 trillion from $1.88 trillion for the first eight months of the prior fiscal year, Treasury officials said. Year-to-date receipts rose 29% from a year earlier to $2.607 trillion, while outlays grew 20% to $4.671 trillion.
Persons: Andrew Kelly WASHINGTON, Outlays, Joe Biden’s, outlays Organizations: United States Department of, Washington , D.C, REUTERS, U.S, U.S . Treasury, Internal, Treasury Locations: Washington ,
WASHINGTON (Reuters) -U.S. Trade Representative Katherine Tai said on Thursday she will accompany President Joe Biden to Brussels next week for “intense negotiations” to try to resolve trade disputes over aircraft subsidies and steel and aluminum. FILE PHOTO: Katherine Tai, nominee for US Trade Representative speaks at the Senate Finance Committee hearing at the US Capitol in Washington, DC, U.S. February 25, 2021. “We’ll participate in intense negotiations to resolve the 16-year-old Boeing/Airbus disputes and to find a path forward on products like steel and aluminum,” Tai said, repeating her upbeat assessment of the talks thus far. “From my conversations so far, I am optimistic that we will be successful,” Tai told the event. Discussions about steel and aluminum tariffs are still in the early stages and will take longer to resolve, the source said.
Persons: Katherine Tai, Joe Biden, , Tasos, REUTERS Tai, “ We’ll, Tai, ” Tai, Biden, Organizations: WASHINGTON, . Trade, US Trade, Senate, REUTERS, AFL, Boeing, Airbus, EU, United Steelworkers, Reuters, Boeing Co Locations: Brussels, Washington , DC, U.S, China
U.S. Treasury's Yellen says Congress needs to fund debt relief programs
  + stars: | 2021-06-10 | by ( David Lawder | ) www.reuters.com sentiment -0.97   time to read: +2 min
Yellen, in prepared remarks to a U.S. House of Representatives Appropriations subcommittee, said that the G20 Debt Service Suspension Initiative for poor countries and a new debt restructuring 'Common Framework' both need funding from Congress. "Without new funding, the United States could be forced to delay the multilateral debt process under the Common Framework and charge much higher interest rates on DSSI debt service suspensions," Yellen said. Yellen said the Treasury's budget request for fiscal 2022 includes funding for these initiatives as well as U.S. contribution commitments to international financial institutions, such as the World Bank's International Development Association fund for the poorest countries. She said the budget plan also includes funding for the IMF's Poverty Reduction and Growth Trust, a fund that aids poor countries. It also would allow the United States to lend IMF Special Drawing Rights through the trust to poorer countries that need them.
Persons: Janet Yellen, Justin Tallis, Yellen Organizations: Treasury, Winfield House, REUTERS U.S . Treasury, World Bank, International Monetary Fund, U.S . House, Initiative, Development Association, Growth Trust, IMF, Trust, Thomson Locations: London, Britain, U.S, United States
Commuter buses are parked outside the Tridonex auto-parts plant, owned by Philadelphia-based Cardone Industries, in Matamoros, Mexico January 25, 2021. REUTERS/Daina SolomonWASHINGTON (Reuters) - The United States asked Mexico on Wednesday to review whether workers at an auto parts factory were denied labor rights in the second labor complaint brought by the Biden administration under the new North American trade deal in less than a month. The U.S. Trade Representative’s office said it made the request involving the Tridonex auto parts factory in the northern border city of Matamoros after the AFL-CIO union federation petitioned the agency to review the case over allegations that the factory denied workers collective bargaining and free association rights.
Persons: Daina Solomon WASHINGTON, Biden Organizations: Cardone Industries, REUTERS, United, U.S . Trade, AFL Locations: Philadelphia, Matamoros, Mexico, United States, American
Charles P. Rettig, commissioner of the Internal Revenue Service, arrives to testify during the Senate Finance Committee hearing titled The IRS Fiscal Year 2022 Budget, in Dirksen Senate Office Building in Washington, D.C., U.S., June 8, 2021. Tom Williams/Pool via REUTERSU.S. Internal Revenue Service Commissioner Charles Rettig said on Tuesday that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported. "I think we need congressional authority," Rettig said in testimony to the Senate Finance Committee. "We get challenged frequently, and to have a clear dictate from Congress on the authority for us to collect that information is critical." I can confirm that there is an investigation, with respect to the allegations that the source of the information in that article came from the Internal Revenue Service," he said.
Persons: Charles P, Rettig, Tom Williams, Charles Rettig, Biden, Mike Crapo Organizations: Internal Revenue Service, Senate, Washington , D.C, REUTERS U.S . Internal Revenue, Senate Finance Committee, Treasury, Revenue, Tax Administration, IRS, Thomson Locations: Washington ,
A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. If vaccine distribution to developing countries can be accelerated, World Bank economist Ayhan Kose said that 2022 global GDP growth, currently forecast at 4.3%, could increase substantially to around 5%. The euro zone's forecast was raised 0.6 percentage point to 4.2%, while China's was raised 0.6 percentage point to 8.5%. World Bank President David Malpass has been urging rich nations including the United States to free up excess vaccine doses to developing countries as quickly as possible. read moreThe World Bank report also noted risks associated with rising inflation pressures that will add about one percentage point to global inflation in 2021.
Persons: Johannes P, Christo, Biden, Ayhan Kose, China's, David Malpass Organizations: Bank, International Monetary Fund, REUTERS, World Bank, Thomson Locations: Nusa Dua, Bali, Indonesia, China, United States, U.S
U.S. Treasury Secretary Janet Yellen speaks during a news conference, after attending the G7 finance ministers meeting, at Winfield House in London, Britain June 5, 2021. "It's wrong for the United States," Republican Senator John Barrasso said of the tax deal struck on Saturday by finance ministers from the G7 wealthy democracies. In exchange, G7 countries agreed to end digital services taxes, but the timing for that is dependent on the new rules being implemented. TREATY OR NOTDaniel Bunn, an international tax expert at the Tax Foundation, a right-leaning think tank in Washington, said he believed that establishing new taxing rights on 100 multinational firms would require a new tax treaty. Manal Corwin, head of KPMG's Washington National Tax Practice and a former U.S. Treasury official, said Yellen's G7 deal could be done through legislation that overrides existing bilateral tax treaties - using a simple majority as part of budget reconciliation procedures.
Persons: Janet Yellen, Justin Tallis, Janet Yellen’s, Joe Biden, John Barrasso, Barrasso, Yellen, Pat Toomey, Toomey, Daniel Bunn, Manal Corwin, Kamala Harris, Ron Wyden, Wyden, that’s, Organizations: Treasury, Winfield House, REUTERS, U.S, Senate Republicans, Monday, Democratic, Republican, Republican Conference, U.S . Capitol, Google, Facebook Inc, Amazon.com Inc, Apple Inc, U.S . Treasury, Fox Business Network, Tax Foundation, Constitution, Congress, KPMG's, Tax, Finance, Thomson Locations: London, Britain, U.S, Washington, United States, KPMG's Washington
LONDON/WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen on Saturday urged her G7 counterparts to keep up fiscal support for their economies, despite “transitory” inflation that she said will remain elevated through the rest of the year. U.S. Treasury Secretary Janet Yellen reacts at Lancaster House during a finance ministers' meeting ahead of the G7 Summit, in London, Britain June 5, 2021. While G7 countries have had robust fiscal responses to the pandemic, she said “there is a concern among some about fiscal sustainability, and an evident desire to begin to withdraw accommodation when things are back on track,” Yellen said. Yellen said inflation will remain elevated at 3% on a year-over-year basis until about the end of 2021. “And while we’re seeing some inflation, I don’t believe it’s permanent.”Yellen said the G7 finance ministers agreed to ambitious commitments to de-carbonize their economies and mobilize public and private finance for action to combat climate change.
Persons: Janet Yellen, Rob Pinney, REUTERS Yellen, ” Yellen, , Yellen, Organizations: . Treasury, Saturday, U.S, Treasury, Lancaster House, REUTERS Locations: WASHINGTON, London, Britain
U.S. Treasury Secretary Janet Yellen leaves at the end of a news conference, after attending the G7 finance ministers meeting, at Winfield House in London, Britain June 5, 2021. Her comments placed a different emphasis on fiscal support than the joint statement by the G7 finance ministers, which also stressed the need to ensure long-term sustainability of public finances once the recovery takes hold. Last week, U.S. President Joe Biden’s administration put forward a $6 trillion budget plan that opponents said will fuel higher inflation - something that Yellen on Saturday said was unlikely to be permanent. “And while we’re seeing some inflation, I don’t believe it’s permanent.”Yellen said the G7 finance ministers agreed to ambitious commitments to de-carbonize their economies and mobilize public and private finance for action to combat climate change. “To facilitate the mobilization of private climate finance, the G7 also agreed to take action to improve the availability of consistent, comparable, and decision-useful climate-related financial information to market participants,” Yellen said in prepared remarks.
Persons: Janet Yellen, Justin Tallis, REUTERS Yellen, , Joe Biden’s, , ” Yellen, Yellen Organizations: . Treasury, Treasury, Winfield House, REUTERS Locations: WASHINGTON, London, Britain, United States
U.S. Treasury Secretary Janet Yellen reacts at Lancaster House during a finance ministers' meeting ahead of the G7 Summit, in London, Britain June 5, 2021. Rob Pinney/Pool via REUTERSLONDON/WASHINGTON, (Reuters) - U.S. Treasury Secretary Janet Yellen said on Saturday that she is urging the G7 wealthy democracies and other countries to keep up fiscal support for their economic recoveries and to make investments to fight climate change and inequality. "G7 economies have the fiscal space to speed up their recoveries to not only reach pre-COVID levels of GDP but also to support a return to pre-pandemic growth paths," Yellen said. Yellen said the G7 finance ministers agreed to ambitious commitments to de-carbonize their economies and mobilize public and private finance for action to combat climate change. "To facilitate the mobilization of private climate finance, the G7 also agreed to take action to improve the availability of consistent, comparable, and decision-useful climate-related financial information to market participants," Yellen said.
Persons: Janet Yellen, Rob Pinney, Yellen, let’s, David Lawder, Bill Berkrot Organizations: Treasury, Lancaster House, REUTERS LONDON, . Treasury, Thomson Locations: London, Britain, WASHINGTON
WASHINGTON, June 5 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Saturday that G7 finance ministers made a “significant, unprecedented commitment” towards achieving a global minimum tax rate of at least 15% to end a “race to the bottom” on corporate taxation. “The global minimum tax would also help the global economy thrive, by leveling the playing field for businesses and encouraging countries to compete on positive bases,” such as education, research and infrastructure, Yellen said in a statement. (Reporting by David Lawder Editing by Mark Potter)
Persons: Janet Yellen, Yellen, David Lawder, Mark Potter Organizations: . Treasury
WHY A GLOBAL MINIMUM TAX? The Trump administration took a first stab with a U.S. corporate offshore minimum tax in 2017. The “Global Intangible Low-Taxed Income,” or GILTI, tax rate was only 10.5% - half the domestic corporate tax rate. The Organization for Economic Cooperation and Development has been coordinating tax negotiations among 140 countries for years on rules for taxing cross-border digital services and curbing tax base erosion, including a global corporate minimum tax. The global minimum tax rate would apply to overseas profits.
Persons: Rishi Sunak, Stefan Rousseau, Janet Yellen, Biden, Trump Organizations: Reuters, Finance Ministers, Lancaster House, U.S, Treasury, Organization, Economic Cooperation, Development, OECD, Union Locations: London, Britain, U.S, Ireland, France, Dublin
WHY A GLOBAL MINIMUM TAX? The Trump administration took a first stab with a U.S. corporate offshore minimum tax in 2017. The "Global Intangible Low-Taxed Income," or GILTI, tax rate was only 10.5% - half the domestic corporate tax rate. The Organization for Economic Cooperation and Development has been coordinating tax negotiations among 140 countries for years on rules for taxing cross-border digital services and curbing tax base erosion, including a global corporate minimum tax. The global minimum tax rate would apply to overseas profits.
Persons: Rishi Sunak, Stefan Rousseau, Janet Yellen, Biden, Trump Organizations: Lancaster House, REUTERS Finance Ministers, U.S, Treasury, Organization, Economic Cooperation, Development, OECD, Union, Thomson Locations: London, Britain, U.S, Ireland, France, Dublin
U.S. sets and suspends tariffs on six countries over digital taxes
  + stars: | 2021-06-02 | by ( David Lawder | ) www.reuters.com sentiment -0.99   time to read: +2 min
REUTERS/Lucy Nicholson/File PhotoThe United States on Wednesday announced 25% tariffs on over $2 billion worth of imports from six countries over their digital services taxes, but immediately suspended the duties to allow time for international tax negotiations to continue. USTR published lists of imports from the six countries that would face tariffs if international tax negotiations fail to reach a solution that prohibits countries from imposing unilateral digital services taxes. USTR said it would impose tariffs on goods worth $323 million from Spain, $310 million from Turkey, $118 million from India and $65 million from Austria. The potential tariffs, based on 2019 import data, aim to equal the amount of digital taxes that would be collected from U.S. firms, a USTR official said. U.S. tariffs threatened against France over its digital tax were suspended in January.
Persons: Lucy Nicholson, USTR, Tai Organizations: Port, REUTERS, Wednesday, U.S . Trade, U.S, France, OECD, Thomson Locations: Port of Long Beach, Port of Los Angeles, Los Angeles , California, U.S, States, Britain, Italy, Spain, Turkey, India, Austria, London
WASHINGTON, May 28 (Reuters) - The Biden administration’s proposals to raise taxes on corporations and wealthy Americans would increase revenues by nearly $2.4 trillion over a decade, after backing out hefty tax deductions and credits to support clean energy, children and families, the Treasury said on Friday. The Treasury said that corporate tax hike proposals, including new global minimum taxes, would lift revenues by $2.035 trillion over a decade, including $98 billion in fiscal 2022 and $195.7 billion in fiscal 2023. The estimates were contained in the Treasury’s revenue “Green Book” that accompanied Biden’s $6 trillion overall budget proposal (Reporting by David Lawder Editing by Chizu Nomiyama)
Persons: Biden, David Lawder, Chizu Nomiyama Organizations: Treasury
FILE PHOTO: U.S. Trade Representative Katherine Tai testifies before the Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies during a hearing on the proposed budget for fiscal year 2022 for the Office of the U.S. Trade Representative on Capitol Hill, in Washington, U.S., April 28, 2021. Bill O'Leary/Pool via REUTERSWASHINGTON (Reuters) - U.S. Trade Representative Katherine Tai said she is optimistic that the United States and Europe can settle a longstanding dispute over aircraft subsidies, leaving them free to focus on larger issues, including China’s nascent aircraft industry. But I want to underscore how optimistic I am,” Tai told Reuters in an interview late Wednesday. Both sides agreed in March to suspend tariffs on billions of dollars of imports in a 16-year-old dispute at the World Trade Organization over subsidies for planemakers Airbus and Boeing. It’s about joining forces and figuring out how we move forward together,” she said.
Persons: Katherine Tai, Bill O'Leary, Tai, Donald Trump’s, ” Tai, , we’ve, Valdis Dombrovskis, Dombrovskis, Organizations: . Trade, Commerce, Justice, Science, U.S . Trade Representative, Capitol, REUTERS WASHINGTON, European Union, Britain, Reuters, World Trade Organization, Airbus, Boeing Locations: Washington , U.S, United States, Europe, Brussels, Washington, China
WASHINGTON (Reuters) -U.S. Trade Representative Katherine Tai said she is optimistic that the United States and Europe can settle a longstanding dispute over aircraft subsidies, leaving them free to focus on larger issues, including China’s nascent aircraft industry. But I want to underscore how optimistic I am,” Tai told Reuters in an interview late Wednesday. Both sides agreed in March to suspend tariffs on billions of dollars of imports in a 16-year-old dispute at the World Trade Organization over subsidies for planemakers Airbus and Boeing. Asked if Washington would remove steel and aluminum tariffs as Europe expects, Tai said the bigger problem was global market distortion, a reference to overproduction by China. She has insisted that any solution to the metals tariff dispute be tied to a solution to global excess production capacity driven by China.
Persons: Katherine Tai, Bill O'Leary, Donald Trump’s, ” Tai, , we’ve, Valdis Dombrovskis, Tai, Dombrovskis, Organizations: WASHINGTON, . Trade, Commerce, Justice, Science, U.S . Trade Representative, Capitol, REUTERS Tai, European Union, Britain, Reuters, World Trade Organization, Airbus, Boeing, European Locations: United States, Europe, Washington , U.S, Brussels, Washington, China, U.S
WASHINGTON/BEIJING (Reuters) -U.S. Trade Representative Katherine Tai said on Wednesday that the United States still faces “very large challenges” in its trade and economic relationship with China that require the Biden administration’s attention across the board. CHALLENGES ‘STILL THERE’Tai told Reuters the Phase 1 trade deal was important but only part of a complex relationship. “The overall challenges that we have with China are also still there and they are very large,” Tai said. Tai said the Phase 1 trade deal should be seen in the context of “the overall U.S.-China trade, and economic relationship which is very, very challenging. And requires our attention all across the board.”The two countries signed the trade deal in January 2020 - just before the COVID-19 pandemic began.
Persons: Katherine Tai, Pete Marovich, REUTERS Tai, Liu He, Tai, Harris, Joe Biden, Biden, , , ” Tai, Donald Trump, Trump Organizations: . Trade, Biden, Senate, Capitol, REUTERS, Reuters, U.S ., Peterson Institute for International Economics Locations: WASHINGTON, BEIJING, United States, China, Washington , U.S, U.S, China’s
Pete Marovich/Pool via REUTERSU.S. Trade Representative Katherine Tai said on Wednesday that the United States still faces “very large challenges” in its trade and economic relationship with China that require the Biden administration’s attention across the board. CHALLENGES 'STILL THERE'Tai told Reuters the Phase 1 trade deal was important but only part of a complex relationship. "The overall challenges that we have with China are also still there and they are very large," Tai said. Tai said the Phase 1 trade deal should be seen in the context of "the overall U.S.-China trade, and economic relationship which is very, very challenging. The two countries signed the trade deal in January 2020 - just before the COVID-19 pandemic began.
Persons: Katherine Tai, Pete Marovich, Tai, Liu He, Harris, Joe Biden, Biden, Donald Trump, Trump Organizations: Trade, Senate, Capitol, REUTERS U.S . Trade, Biden, Reuters, U.S ., Peterson Institute for International Economics, Thomson Locations: Washington , U.S, United States, China, U.S, China's
U.S. requests dispute settlement panel on Canadian dairy quotas under USMCA
  + stars: | 2021-05-25 | by ( David Lawder | ) www.reuters.com sentiment -1.00   time to read: +1 min
The Biden administration on Tuesday escalated a simmering trade dispute with Canada over dairy import quotas, requesting that the first dispute settlement panel under the U.S.-Mexico-Canada Agreement be formed to review the matter. The U.S. Trade Representative's office said its complaint alleges that Canada was improperly allocating USMCA tariff-rate import quotas on 14 dairy products, diverting a portion of them to Canadian processors andunfairly limiting export opportunities for U.S. dairy farmers and processors. USTR officials said that Canada had been "responsive" in discussing the U.S. concerns but that the dispute was not resolved. The USMCA, which took effect in July 2020, granted some additional limited access for U.S. dairy farmers and processors to Canada's largely closed domestic dairy market, via tariff-rate quotas on 14 products from milk powder to ice cream and cheeses. USTR claims that Canada is illegally reserving a portion of those quotas for Canadian processors.
Persons: Biden, USTR, Donald Trump's Organizations: U.S, U.S . Trade, Thomson Locations: Canada, Mexico
REUTERS/Ben BrewerThe Biden administration on Tuesday escalated a simmering trade dispute with Canada over dairy import quotas, requesting that the first dispute settlement panel under the U.S.-Mexico-Canada Agreement be formed to review the matter. The U.S. Trade Representative's office said its complaint alleges that Canada was improperly allocating USMCA tariff-rate import quotas on 14 dairy products, diverting a portion of them to Canadian processors andunfairly limiting export opportunities for U.S. dairy farmers and processors. USTR claims that Canada is illegally reserving a portion of those quotas for Canadian processors. "Canada is disappointed that the United States has requested a dispute settlement panel," Canadian Trade Minister Mary Ng said in a statement," adding the country is confident its policies "are in full compliance" with its tariff-rate quota obligations. A dispute panel will take about 30 days to form under the USMCA's dispute settlement system, and is due to file an initial report within about 120 days, with a final report 30 days after that - about late November.
Persons: Ben Brewer, Biden, USTR, Donald Trump's, Mary Ng, Harris, Katherine Tai Organizations: REUTERS, U.S, U.S . Trade, North American Free Trade, Canadian Trade, Biden, Harris Administration, Thomson Locations: Madison , Wisconsin, U.S, Canada, Mexico, United States
Trump era aluminum tariffs have revived U.S. industry - think-tank
  + stars: | 2021-05-25 | by ( David Lawder | ) www.reuters.com + 0.00   time to read: +3 min
A metal worker clears a slag off the top of molten aluminum in a siphoning crucible at Century Aluminum Company in Hawesville, Kentucky, U.S. May 14, 2019. REUTERS/Bryan WoolstonU.S. tariffs on aluminum imports imposed since the Trump presidency have led to increased output, employment and capital investment by domestic manufacturers, according to a new report from the left-leaning Economic Policy Institute. The study released by the Washington-based think-tank on Tuesday said the "Section 232" 10% aluminum tariffs, introduced in March 2018 and still in place under President Joe Biden, have led to $6 billion in 57 downstream aluminum product projects. read moreU.S. steel industry groups, citing a similar EPI study backing the Section 232 steel tariffs, urged Biden last week to keep those tariffs in place. "It doesn’t take an economist to see that these tariffs are having a devastating impact on the U.S. distilled spirits industry," she added.
Persons: Bryan, Trump, Joe Biden, Adam Hersh, Robert Scott, Thea Lee, Biden, Katherine Tai, EPI, Lisa Hawkins Organizations: Aluminum, REUTERS, Bryan Woolston, Institute, Labor Department's, . Trade, European Union, distillers, Thomson Locations: Hawesville , Kentucky, U.S, Washington, China, India, Russia, EU
WASHINGTON (Reuters) -U.S. President Joe Biden’s nominee to head domestic finance operations at the U.S. Treasury Department said on Tuesday she would review the Treasury debt market to ensure that it operates well in times of stress. FILE PHOTO: The U.S. Treasury building is seen in Washington, September 29, 2008. REUTERS/Jim Bourg/File PhotoNellie Liang, a former Federal Reserve economist who was nominated as Treasury undersecretary for domestic finance, appeared with three other nominees for senior posts at the department at a Senate Finance Committee confirmation hearing. “In general, I have a bias against our taxes that target a specific industry and certainly those that are focused just on U.S, companies,” Batchelder said, adding that she needs to be briefed on the status of the OECD talks. “Without a solution, particularly on the supply side for child care on the affodability of childcare, I don’t think we’ll see the levels of participation that we need in order to see the levels of growth that we want,” Harris said.
Persons: Joe Biden’s, Jim Bourg, Nellie Liang, Liang, Lily Batchelder, Ben Harris, Jonathan Davidson, ” Batchelder, Wally Adeyemo, Harris, Biden, ” Harris Organizations: WASHINGTON, U.S . Treasury, REUTERS, Federal Reserve, New York University, Finance Committee’s, U.S, Organization for Economic Cooperation, Development, OECD, ” U.S, Reuters Locations: Washington,
REUTERS/Jim Bourg/File PhotoPresident Joe Biden's nominee to head domestic finance operations at the U.S. Treasury Department said on Tuesday it is critical to ensure that the Treasury debt market operates well in times of stress. Nellie Liang, a former Federal Reserve economist who was nominated as Treasury undersecretary for domestic finance, appeared with three other nominees for senior posts at the department at a Senate Finance Committee confirmation hearing. Liang said that if confirmed she would "provide an assessment of changes in this market that have arisen from technological advances and shifts in market participants' behavior, and recommend policies, as needed, to ensure a resilient Treasury securities market." The others who appeared were: Lily Batchelder, nominated as assistant secretary for tax policy; Ben Harris as assistant secretary for economic policy; and Jonathan Davidson as assistant secretary for legislative affairs. "At the same time, well-constructed and well-implemented tax policy can minimize gaming and distortions to business activity, while poorly constructed tax policy can do the reverse."
Persons: Jim Bourg, Joe Biden's, Nellie Liang, Liang, Lily Batchelder, Ben Harris, Jonathan Davidson, Batchelder Organizations: U.S . Treasury, REUTERS, Federal Reserve, New York University, Finance Committee's, Thomson Locations: Washington
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