Treasury Secretary Janet Yellen asked Congress for billions to help foreign countries’ climate change and debt relief efforts.
In prepared remarks to the House of Representatives’ Subcommittee on State, Foreign Operations, and Related Programs, Yellen expressed concern that other economies are rebounding in a manner that disproportionately benefits the upper class.
Yellen told Congress on Thursday:
When I took office, one of my greatest concerns was a K-shaped recovery from the pandemic; a recovery where high-income households rebounded quickly — or even emerged better-off — while low- and middle-income families suffered for a very long time… Low-income nations haven’t had the fiscal space to implement sweeping relief, as we did with the American Rescue Plan. Even their ability to access vaccines is limited.
Suggesting that “America is better off in a wealthier, vaccinated world,” Yellen informed Congress that addressing “global security threats” — such as “climate change” — would be more difficult if most of the world is still dealing with the fallout