Tim thanked Secretary of the Treasury Janet L. Yellen for her leadership at the Institute of International Finance (IIF) Annual Membership Meeting, where she was honored with the Distinguished Leadership and Service Award. Yellen expressed gratitude to IIF members for their contributions to key policy issues.
In her remarks, Yellen highlighted the achievements of the Biden-Harris Administration's economic agenda over the past year. She noted that inflation has decreased significantly while unemployment remains low, and economic growth is strong due to consumer spending and business investment. Yellen emphasized a strategy she called modern supply-side economics aimed at expanding production capacity while reducing inequality.
Yellen also addressed America's role in supporting global economic resilience despite challenges such as COVID-19 and geopolitical tensions like Russia’s invasion of Ukraine. She stressed that climate change, pandemics, conflict, and fragility are ongoing threats to global growth.
Under this administration, America has rejected isolationism in favor of promoting global economic leadership through stabilizing relationships and working multilaterally. The private sector is viewed as a crucial partner in addressing challenges and seizing opportunities.
Regarding climate change, Yellen highlighted the Inflation Reduction Act as significant legislation encouraging private investment in clean energy technologies. This has led to nearly half a trillion dollars invested since its passage two years ago.
Internationally, efforts include Just Energy Transition Partnerships aimed at transitioning to lower-carbon economies by engaging private capital. The United States' G7 Partnership for Global Infrastructure seeks to close infrastructure investment gaps globally.
Yellen concluded by underscoring collaboration with the private sector not only for growth but also for financial stability measures like combating cyber risks and advancing technologies such as artificial intelligence and cross-border payments.
She looks forward to discussing these priorities during the Annual Meetings this week.
