Yellen, in written testimony prepared for delivery to the US House of Representatives Financial Services Committee, said that with the passage of the US $ 1.9 trillion bailout law, ” I have no doubts that people will reach the other side of this pandemic with the foundations of their lives intact. And I believe they will be met there by a growing economy. In fact, I think we could see a return to full employment next year. ”
Yellen said the Treasury, responsible for implementing much of Biden’s stimulus package and distributing the funds, was working to speed up relief efforts in the poorest areas, including the smallest of small businesses. , who are disproportionately held by women and people of color.
The Treasury is also reducing some documentation requirements for Americans in difficulty to receive funds to help them make housing and mortgage rental payments in an effort to expedite the implementation of a plan. housing assistance of $ 30 billion.
“We’re cutting red tape for them, while taking reasonable steps to prevent fraud and abuse,” Yellen said.
The Treasury is also working closely with state, local, tribal and territorial governments to provide them with $ 350 billion in aid, she said.
Treasury officials said last week that the state and local government aid program, which still sets rules for how the funds are used, will start distributing money within about 60 days. days.