WASHINGTON — The Latest on President-elect Joe Biden (all times local):
1:35 p.m.
Treasury Secretary nominee Janet Yellen is describing the economic crisis brought on by the COVID pandemic as an “American tragedy” and warning that without quick action to address it, the damage will get worse.
Introducing herself during a Joe Biden transition event where the president-elect unveiled his economic team, Yellen spoke about the “historic crises” of the pandemic and the economic fallout resulting from it, as well as the “disproportionate impact” it has had on “the most vulnerable among us.”
Speaking about a pandemic that has cost 268,000 American lives, Yellen referenced the “lost lives, lost jobs” and struggles Americans face “to put food on the table and pay bills and rent.”
She went on to say that “it’s essential that we move with urgency” because “inaction will produce a self-reinforcing downturn causing yet more devastation.” She pledged to Americans that the Treasury would be “an institution that wakes up every morning thinking about you.”
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HERE’S WHAT YOU NEED TO KNOW ABOUT PRESIDENT-ELECT JOE BIDEN’S TRANSITION TO THE WHITE HOUSE:
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HERE’S WHAT ELSE IS HAPPENING:
1:25 p.m.
President-elect Joe Biden says his economic team is “first rate” and will help build an economy that works for all Americans.
Biden introduced key members of the team Tuesday in Delaware, including former Fed chair Janet Yellen to become Treasury secretary. Biden described Yellen as one of the “most important economic thinkers of our time.”
She would be the first female Treasury secretary if confirmed by the Senate.
Biden also introduced Neera Tanden as his choice to run the White House budget office. Tanden’s nomination, however, has encountered early disapproval from some Senate Republicans, who will vote on her nomination.
Biden also named his chair and members of the Council of Economic Advisers. He says the CEA chair will serve in the Cabinet. Biden also named a deputy for Yellen.
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1:15 p.m.
Joe Biden is calling on Congress to pass a “robust package for relief” to address the economic and public health crisis brought on by the COVID pandemic.
The president-elect made the comments introducing his economic team in Wilmington, Delaware, on Tuesday. Congressional leaders have been locked in a stalemate over a COVID relief package, with Democrats and Republicans unable to agree on the price tag or content of a potential bill, though a team of bipartisan lawmakers released their own compromise legislation on Tuesday.
Biden said, however, any package passed during the lame duck session of Congress would be “at best just a start” and that his team is already working on his own proposal for the new Congress “to address the multiple crises we’re facing.” He said the team of economic advisers he announced Tuesday would play a “critical role” in shaping the Biden administration’s plan to revive the economy.