Janet Yellen

Yellen says US will 'react strongly' to any currency manipulation

Asked about the potential for the Trump administration to try to weaken the dollar's value through a new version of the 1985 Plaza Accord, Yellen said that the Biden administration believes it's best

Secret Service agent fired at suspects outside of Janet Yellen's house

An investigation is underway after a Secret Service agent working on protective assignment outside Treasury Secretary Janet Yellen's house fired a weapon following a confrontation between the agent and occupants of a sedan, early Tuesday. At roughly 1:30 am Tuesday, the agent assigned to Yellen's protective detail outside of her home, observed a sedan with multiple people attempting to open car doors along the street, according to Secret Service spokesman Anthony Guglielmi. A confrontation between the agent and the car's occupants led to gunfire. It was unclear how many shots were fired by the agent. The Secret Service said there is no evidence that anyone was harmed. The suspects fled the scene in the sedan, and a lookout was issued to local law enforcement, Guglielmi said. The D C Metropolitan Police Department is investigating the shooting and the case will also be reviewed by the US Attorney's Office.

US won't finalise global tax deal until India, China resolve issues: Yellen

'India, in particular, has been a holdout and China has not really engaged very much in these negotiations at all,' Yellen told reporters Sat on the sidelines of a G7 finance minsters meeting in Italy

India and China hindering 'Pillar 1' tax deal, refusing to engage: Yellen

Earlier on Friday, Italian Finance Minister Giancarlo Giorgetti told reporters that the Pillar 1 negotiations were set to fail, citing objections from the US, India and China

Yellen wants G7 'wall of opposition' to China's excess industrial capacity

Yellen said that if G7 ministers can agree on concept for bringing forward the earnings on the frozen Russian assets, they will spend time before G7 summit in Puglia in mid-June on refining details

With Ukraine losing ground, allies debate how to squeeze cash for Kyiv

Ukraine's allies are wrestling with how to squeeze money out of frozen Russian assets to support Kyiv's war effort, a debate that is ever more urgent as Russia gains territory on the battlefield and as the outlook for Ukraine's state finances looks shakier. What to do with the Russian central bank reserves frozen in response to the invasion of Ukraine is at the top of the agenda as finance officials from the Group of Seven rich democracies meet Thursday through Saturday in Stresa, Italy, on the shores of scenic Lago Maggiore. The issue: While Ukraine and many of its supporters have called for the confiscation of USD 260 billion in Russian assets frozen outside the country after the February 24, 2022, invasion, European officials have resisted, citing legal and financial stability concerns. Most of the frozen assets are located in Europe. Yet a European plan to merely use the interest on the Russian funds would provide only a trickle of money every year some USD 2.5 billion-USD 3 ..

Yellen urges German banks to boost compliance with US sanctions on Russia

"Russia continues to procure sensitive goods and to expand its ability to domestically manufacture these goods. We must remain vigilant and be more ambitious," Yellen said

Biden blocks a crypto mining firm from land ownership near military base

President Joe Biden has issued an order blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base. The order forces the divestment of property operated as a crypto mining facility near the Francis E. Warren Air Force Base. It also forces the removal of certain equipment owned by MineOne Partners Ltd., a firm that is partly owned by the Chinese state. This comes as the US is slated on Tuesday to issue major new tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China, according to a US official and another person familiar with the plan. The divestment order was made in coordination with the US Committee on Foreign Investment in the United States a little-known but potentially powerful government agency tasked with investigating corporate deals for national security concerns that holds power to force the company to change. A 2018 law granted CFIUS the authority to review real estate ...

Janet Yellen counsels caution on currency intervention after yen surge

"I'm not going to comment on whether they did or didn't intervene," Yellen told reporters Saturday following a speech in Mesa, Arizona. "I think that that's a rumor."

Iran's actions may cause economic spillovers as WH vows sanctions: Yellen

Treasury Secretary Janet Yellen warned Tuesday of potential global economic damage from rising tensions in the Middle East as the Biden administration said it was readying new sanctions in response to Iran's malevolent activity in the region. Yellen spoke out against Iran's malign and destabilizing activity in remarks ahead of this week's spring meetings of the International Monetary Fund and World Bank, saying Iran's weekend missile and drone attack on Israel underscores the importance of Treasury's work to use our economic tools to counter Iran's malign activity. She added: From this weekend's attack to the Houthi attacks in the Red Sea, Iran's actions threaten the region's stability and could cause economic spillovers. Iran's attack on Israel early Sunday came in response to what it says was an Israeli strike on Iran's consulate in Syria earlier this month. Israel's military chief said Monday that his country will respond to the attack, while world leaders caution against ...

US will use sanctions to disrupt Iran's 'malign' activity, says Yellen

Yellen said Washington was continuing to use economic tools to pressure Hamas, but said Treasury was emphasizing that its sanctions should not impede life-saving aid

Treasury Secy Yellen says US working to mitigate risks to global economy

In remarks prepared for a news conference, Yellen said the U.S. labor market was remarkably healthy and inflation was down significantly from its peak, although there was more work to do

Janet Yellen likely to reiterate warnings over China's manufacturing power

With its dominant voice in all of those forums, the US is expected to try to align other countries across Europe, Asia and Latin America to voice concerns over China's output and exports

Yellen face tariff decisions after giving factory capacity warning to China

On what may be her last trip to China as Treasury chief, she saw pushback on her core complaint that a massive export wave of cheap EVs and solar panels

From overcapacity to TikTok, here are issues covered in Yellen's China trip

US Treasury Secretary Janet Yellen and her team are leaving China and returning to Washington after trying to tackle the major questions of the day between the countries. Here's a look at what she tried to accomplish, what was achieved, and where things stand for the world's two largest economies: UNFAIR TRADE PRACTICES Yellen said she wanted to go into the U.S.-China talks to address a major Biden administration complaint that Beijing's economic model and trade practices put American companies and workers at an unfair competitive disadvantage by producing highly subsidized solar products, electric vehicles and lithium-ion batteries at a loss, dominating the global market. Chinese government subsidies and other policy support have encouraged solar panel and EV makers in China to invest in factories, building far more production capacity than the domestic market can absorb. She calls this overcapacity. Throughout the week of meetings, she talked about the risks that come from one ..

US will not accept Chinese imports decimating new industries, says Yellen

She did not, however, threaten new tariffs or other trade actions should Beijing continue its massive state support for electric vehicles, batteries, solar panels and other green energy goods

US-China deepening cooperation on financial stability issues: US officials

The exercises will help establish lines of communication between US and Chinese regulators and identify areas of potential cross-border contagion and other risks, the US officials said

Will China flood globe with EVs? Here's what's behind latest US-China fight

China's burgeoning production of electric cars and other green technologies has become a flashpoint in a new US-China trade fight, highlighted by Treasury Secretary Janet Yellen during her five-day visit to China and seized on by former President Donald Trump in incendiary remarks on the campaign trail. China has sharply ramped up its production of cheap electric vehicles, solar panels, and batteries just as the Biden administration has pushed through legislation supporting many of those same industries in the United States. Concerns are growing not just in the US but also in Europe and Mexico that China will seek to bolster its own struggling economy with a wave of exports that could undercut factories overseas. A US trade group, the Alliance for American Manufacturing, noted in a February report that leading Chinese automaker BYD had recently introduced an electric SUV at the astonishingly low price of USD 14,000. China's auto industry poses an existential threat to US carmakers,

Yellen meets China's central bank chief, presses case on excess capacity

Yellen will wrap up her trip to Guangzhou and Beijing with a news conference later on Monday

US-China relationship on more stable footing, but more can be done: Yellen

US Treasury Secretary Janet Yellen sent a message of mutual cooperation at a meeting on Sunday with Chinese Premier Li Qiang, highlighting the improvement in relations since her visit to China last year while recognising that major differences remain. After focusing on trade and economic issues for the first two days of her visit, Yellen turned to the broader US-China relationship in the meeting with Li, one of China's top leaders. While we have more to do, I believe that, over the past year, we have put our bilateral relationship on more stable footing, she said in the ornate Fujian room of the Great Hall of the People on the west side of Tiananmen Square. Yellen, who is regarded favourably in China, is the first Cabinet member to visit since Presidents Joe Biden and Xi Jinping met in California in November in a carefully orchestrated meeting to set the troubled relationship between their countries on a better course. Li, in remarks before the media before their meeting, said the