Treasury Secretary Janet Yellen testifies during a House Ways and Means Committee hearing, Tuesday, April 30, 2024, on Capitol Hill in Washington. Treasury Secretary Janet Yellen
Her remarks serve as a sort of warning for business leaders who may overlook Trump’s disregard for modern democratic norms because they prefer the former president's vision of achieving growth by slashing taxes and stripping away regulations. Farther from home, Yellen cited other global threats to democracy such as Russia's invasion of Ukraine.
Yellen's speech comes when there is speculation that if Trump regains the White House he may put political pressure on the Federal Reserve to lower its benchmark interest rate, which stands at a two-decade high of roughly 5.3%. Fed Chair Jerome Powell this week said gaining confidence to lower rates“As chair of the Federal Reserve, I insisted on the Fed’s independence and transparency because I believe it matters for financial stability and economic growth,” Yellen says in her speech.
In a paper released this week, Vanessa Williamson, a senior fellow at the Urban-Brookings Tax Policy Center, said that businesses should be more concerned about the rule of law and democratic values.
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