U.S. Treasury Secretary Janet Yellen will testify before lawmakers in the House Financial Services Committee on Tuesday, where she is expected to paint a relatively encouraging picture of the U.S. job market.
In prepared remarks released Monday evening, Yellen said she believed the US $ 1.9 trillion bailout would play a central role in the ongoing economic recovery.
“With the passage of the bailout, I am confident that people will reach the other side of this pandemic with the foundations of their lives intact,” Yellen said. “And I believe they will encounter a growing economy there. In fact, I think we could see a return to full employment next year. ”
The former chairman of the US Federal Reserve notes, however, that there are still “very deep pockets of pain” in the economic data, some of which have the potential to “haunt” Americans long after the COVID crisis is over. 19.
FED’S POWELL: ECONOMIC RECOVERY IN PROGRESS BUT TAKING OVER
Yellen noted that the country is still down about 10 million jobs from its pre-pandemic peak. She says the strength of the recovery will depend in part on how the US bailout is implemented.
The hearing is scheduled to begin Tuesday at noon (ET). Yellen will appear alongside Federal Reserve Chairman Jerome Powell. The pair will discuss measures taken by the Treasury Department and the Fed to support the economic recovery.
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As previously reported by FOX Business, Powell said in prepared remarks that the recovery has “progressed faster than expected” and appears to be strengthening.
However, he noted that some sectors of the economy have been left behind and the recovery is far from over.