Thread by @SecYellen

America is strongest when we engage with the world.

When I was born, the US was still recovering from the Depression & WWII. These tragedies cost countless lives; too many families lost everything. From the devastation we learned an invaluable lesson: we must not go it alone.

In the aftermath of the destruction, the US built strong political & security alliances that have helped keep our country safe and helped our economies flourish.

We worked together to build great institutions, reduce economic conflict, contain communism, reduce global poverty.

America’s middle class prospered. Millions across the world were lifted out of poverty.

But over the years, new problems developed that were not properly addressed.

And over the last 4 years, we have seen firsthand what happens when America steps back from the global stage.

America first must never mean America alone.

For in today’s world, no country alone can suitably provide a strong and sustainable economy for its people. Over time a lack of global leadership & engagement makes our institutions & economy vulnerable.

We can & we must do better.

When it comes down to it, credibility abroad begins with credibility at home.
How can America help lead the world out of the dual crises of pandemic and economic recession if we can’t lead ourselves out of it?
It’s a fair question, & it’s why last month, @POTUS signed the ARP.

The work has already begun. In less than 4 weeks, this administration issued more than 130 million vital relief payments to individuals and families. We provided more than 100 million vaccine shots in just 58 days.
All of this leads us towards opportunities to rebuild better.

Beyond our borders, as the pandemic has made clearer than ever before, the global community is in this together. We will fare better if we work together and support each other.

The Biden-Harris Administration is committed to restoring U.S. leadership in the multilateral system.

Today at the @ChicagoCouncil, I presented three key objectives that will guide our economic engagement with the rest of the world.

The first objective is a stable and growing world economy that benefits the U.S. economy.

For the United States to prosper, our neighbors too must prosper. Strong and stable economies abroad make us safer.
And as we pursue a stronger world economy, we must also pay attention to existing financial stability risks and new risks that may arise.

The second objective is to fight poverty & promote a more inclusive global economy that aligns w/ our values.
Current crises will push almost 150 mil into extreme poverty this year, reversing trends of the last 2 decades, w/ women, youth, low-skilled & informal workers hard hit.

Unless we act now, the world is susceptible to the emergence of a deepening global divergence between rich & poor countries.

Our first task must clearly be stopping the virus by ensuring that vaccinations, testing, and therapeutics are available as widely as possible.

We need to help lessen economic pain in low-income countries during a protracted recovery period & use this opportunity to facilitate structural transformation to more inclusive, sustainable economies.
Our response will not be successful if we end up just where we were before.

And a personal objective of mine is to focus our international engagements on fostering full legal rights & greater economic and education opportunities for women and girls, a pressing issue, given the clear evidence that this will support inclusive economic growth more broadly.

Finally, there are certain matters where we are in it together—where the challenges are global & no one country will be successful if it goes at it in isolation.

The most evident example is the need to address health risks & enhance pandemic preparedness against future shocks.

Another global challenge is how to adapt to technological change, which has brought significant benefits but contributed to greater inequality.
I will be working domestically and closely with our allies to promote innovation in digital finance & address the digital divide.

We must also get out of the 30 year race to the bottom on corporate tax rates.
It's about making sure gov'ts have stable tax systems that raise sufficient revenue to invest in essential public goods & respond to crises, & all citizens fairly share the burden of financing gov't.

A final thing to address, the biggest long-term threat the world faces: climate change.
After sitting on the sidelines for 4 years, the US is committed to doing its part.
Domestic action must go hand in hand w/ U.S. int'l leadership, significantly enhancing global action.

To this end, @USTreasury is working closely with our int'l partners & orgs to implement ambitious emissions reduction measures, protect critical ecosystems, build resilience against the impacts of climate change, & promote the flow of capital toward climate-aligned investments.

As I prepare to meet with my colleagues from around the world this week at the IMF and World Bank Spring Meetings, I find myself thinking back to the policymakers who gathered in Bretton Woods a year before I was born to define our post-war order.

Though it was a different time, I empathize with the enormous weight they faced.
Our current juncture is no less significant—what we do in the coming months will have profound impacts on the trajectory of the global economic order, & lead us to the next century of prosperity.

Read my full remarks on international priorities here:

secjanetyellen.medium.com

or

home.treasury.gov/news/press-rel…