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Secretary Janet Yellen

6 Apr, 8 tweets, 2 min read

Climate, by its very nature, requires strong global cooperation, and finance ministries have a vital role to play to integrate climate into our financial planning & decision-making.
I was honored to discuss today with the Coalition of Finance Ministers for Climate Action.

@POTUS

Several things are on the horizon for the US on climate action:
As one of his first acts, @POTUS signed an EO for the US to rejoin the Paris Agreement, which we have now done, & announced an ambitious, whole-of-government approach to tackle the climate challenge.

@POTUS

This month, @POTUS will host a Leaders’ Summit to galvanize efforts to keep within reach the important goal of limiting warming to 1.5 degrees C, & to highlight the tremendous economic benefits of climate action. The US will also announce an ambitious 2030 emissions target.

@USTreasury

The @USTreasury will play a critical role in this effort.

First, working through our leadership role with FSOC & participation in int'l forums, we're working to understand and mitigate the risks that climate change poses to the stability of the financial system & macroeconomy.

This agenda includes working domestically & internationally to increase availability of consistent, comparable, & reliable information on climate-related financial risks; to coordinate approaches among regulatory agencies; & to examine potential systemic consequences of climate.

Second, we're working to ensure that our domestic economic programs & tax policies support our climate goals, including a transition to a decarbonized economy, building climate-resilient infrastructure, and designing the climate transition to support equity & well-paying jobs.

Third, we're working to increase the impact of our int'l climate finance tools, increase the scale of climate finance, & use tools to leverage more private investment. At the multilateral dev't banks, we'll support enhanced efforts to mobilize private finance for climate projects

Fourth, the reestablished G20 sustainable finance group is an important venue to tackle these issues and promote finance that supports our international climate and other sustainability goals.

Read full remarks from today's Coalition meeting at home.treasury.gov/news

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More from @SecYellen

Secretary Janet Yellen

@SecYellen

7 Apr

By choosing to compete on taxes, we’ve neglected to compete on the skill of our workers and the strength of our infrastructure. It’s a self-defeating competition, and neither President Biden nor I are interested in participating in it anymore.

We want to change the game.

@POTUS

Last week, @POTUS announced proposals that enter the US into a smarter form of competition. The US will compete on our ability to produce talented workers, cutting edge research & state-of-the-art infrastructure, not on whether we have lower tax rates than Bermuda or Switzerland.

America’s corporate tax system has long been broken. So too has been the way we think about corporate taxation. Tax reform isn’t a zero-sum game, with corporations on one side and government on the other. There are policies that are mutually beneficial.

Read 4 tweets

Secretary Janet Yellen

@SecYellen

5 Apr

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.

Read 21 tweets

Secretary Janet Yellen

@SecYellen

31 Mar

When I first came to Washington in the early 1990s, 31 million women had joined the labor force since the time I left college in 1968. A higher percentage of US women worked than our counterparts in almost any other developed nation. Progress was on the move.

Until it wasn’t.

At the time, we ranked 6th in labor force participation out of the 22 wealthiest countries.

And then something started to change — smaller cohorts of women started joining the labor force & more left altogether.

By 2010, American women no longer ranked 6th of 22.
We were 17th.

Things were far from perfect in the earlier days.
Women were paid less for the same work. (They still are.)
And underneath the numbers was a widespread & intolerable culture of workplace discrimination, particularly for women of color.

Still, economic opportunity was growing.

Read 9 tweets

Secretary Janet Yellen

@SecYellen

30 Mar

I took my first economics course around 1963. Since then, our country has endured at least 5 major economic crises. Each of these crises was very different but they all shared at least once significant characteristic:
They all hit Latino-Americans disproportionately hard.

In fact, if you take the Hispanic unemployment rate over the past 50 years and match it with the national rate, you’ll see that the lines roughly move in tandem.

Except the Hispanic unemployment rate is always above the national average.

Economic crises do this: They take preexisting inequalities and make them more unequal.

And unfortunately, if someone tried to design an economic crises that would unduly target the Hispanic community, they’d probably come up with something that looks a lot like COVID-19.

Read 9 tweets

Secretary Janet Yellen

@SecYellen

10 Mar

I’ve been in office for a little over a month & every week or so I hold a virtual roundtable with a different group. Two weeks ago, for instance, I met with a group of mayors from small cities. One was Mayor Nic Hunter of Lake Charles, Louisiana...

When someone inevitably writes the book of what it was like to live through the past year, they might want to begin the story in Lake Charles.

In addition to COVID, the city has endured 4 federally declared disasters in 12 months. The region’s mortality rate shot up 25% in 2020.

“If the federal government can do something to help my city return to a semblance of normalcy, they should do it.”
I don’t think Mayor Hunter is alone in feeling this way.

Not many cities suffered as much as Lake Charles did during 2020, but all cities suffered.

Read 7 tweets

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