Treasury Secretary nominee Janet Yellen calls for "big" action at Senate confirmation hearing - CBS News

Janet Yellen, President-elect Joe Biden's nominee for Treasury Secretary, called for "big" action on the COVID-19 pandemic and economic crisis at her Senate confirmation hearing Tuesday.

The Senate held confirmation hearings on Tuesday for Yellen and more key members of Mr.

Asked what would provide the biggest "bang for the buck" in economic relief, Yellen replied, "Relief that we provide to those who are in the greatest need and to small businesses have the best chance of providing both relief to those who've been so badly affected by the pandemic and creating a great deal of spending per dollar spent." She said this would "create jobs throughout the economy.".

"Neither the President-elect, nor I, propose this relief package without an appreciation for the country's debt burden," Yellen said.

Yellen said "we have to make sure ultimately the deficits that we run, if we do that, are consistent with fiscal sustainability," but she noted that "the world has changed." Yellen predicted that interest rates would remain low for a long time, though she also said that higher interest rates are a risk that must be taken into consideration "in crafting a sustainable and responsible policy."

Yellen, who previously served as Federal Reserve Chair from 2014 to 2018, stated that she believes the Treasury Secretary has a dual mission: Helping Americans get through the pandemic and back to work and also rebuilding the economy so American workers can compete globally

If confirmed, Yellen will be the first woman to serve as Treasury Secretary in the department's more than 230-year history