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Page 4 - Janet Yellen

US actively working to help India attract private capital: Yellen

The US is actively working to help India attract more private sector capital to close its infrastructure gap, Treasury Secretary Janet Yellen said and asserted that India-US innovations can help push down the cost curves of new technologies and accelerate the world's transition to a net-zero economy. Yellen's comments come ahead of Prime Minister Narendra Modi's official State Visit to the US next week. Describing India as one of the US's reliable trading partners, Yellen on Tuesday said the two countries are working to connect new communities to the global market so that they can move up the value chain. "Looking forward, I believe that we have significant potential to grow trade and investment between our nations. Both of our countries are advancing what I call 'modern supply-side' policies -- investing in human capital, physical capital, and science and technology to boost our long-term economic potential," Yellen said at the annual India Ideas Summit of the US-India Business ...

US actively working to help India attract private capital: Yellen
Updated On : 14 Jun 2023 | 12:17 PM IST

US Debt ceiling deadline extended to June 5, later than estimated: Yellen

US Treasury Secretary Janet Yellen said Friday the projected debt ceiling deadline is extended to June 5, four days later than previously estimated. Yet, Yellen renewed her warning in a letter to Congress that inaction on raising the borrowing limit would cause severe hardship. Yellen's latest letter to legislators on the X-date came as Congress broke for the long Memorial Day weekend. She said that the Treasury Department had deployed an extraordinary measure not used since 2015 to get the US financial position to this point. The X-date arrives when the government no longer has enough of a financial cushion to pay all its bills, having exhausted the measures it's been using since January to stretch existing funds. Earlier Friday, House Speaker Kevin McCarthy said his Republican debt negotiators and the White House had hit crunch time, straining to wrap up an agreement with President Joe Biden to curb federal spending and lift the nation's borrowing limit ahead of the fast-coming .

US Debt ceiling deadline extended to June 5, later than estimated: Yellen
Updated On : 27 May 2023 | 7:46 AM IST

Different system needed to end standoffs over US debt ceiling: Yellen

After dozens of standoffs with Congress over government spending in recent decades, Treasury Secretary Janet Yellen said Thursday that in her personal opinion, the United States should adopt a different system for national finances. Emphasising that it was her own opinion, not President Joe Biden's, Yellen said there are various alternatives for avoiding situations where the Treasury lacks the funds to pay its bills. In January, the US government ran up against its legal borrowing limit of USD 31.381 trillion, and the Treasury Department began implementing extraordinary measures to avoid missing payments on its bills. It's a predicament that has occurred nearly 80 times since 1960, she said. The Treasury Department has warned the US could default as soon as June 1 if there is no deal. Personally, I think we should find a different system for deciding on fiscal policy, Yellen said when asked about the issue. Congress could repeal the debt ceiling or handle it differently. The presid

Different system needed to end standoffs over US debt ceiling: Yellen
Updated On : 11 May 2023 | 4:16 PM IST

'No good option' except lifting debt limit: Treasury Secretary Janet Yellen

Treasury Secretary Janet Yellen said Sunday that there are no good options for the United States to avoid an economic calamity if Congress fails to raise the nation's borrowing limit of USD 31.381 trillion in the coming weeks. She did not rule out President Joe Biden bypassing lawmakers and acting on his own to try to avert a first-ever federal default. Her comments added even more urgency to a high-stakes meeting Tuesday between Biden and congressional leaders from both parties. Democrats and Republicans are at loggerheads over whether the debt limit should even be the subject of negotiation. GOP lawmakers, led by House Speaker Kevin McCarthy of California, are demanding spending cuts in return for raising the borrowing limit, while Biden has said the threat of default shouldn't be used as leverage in budget talks. Yellen, interviewed on ABC's This Week," painted a dire picture of what might happen if the borrowing limit is not increased before the Treasury Department runs out of

'No good option' except lifting debt limit: Treasury Secretary Janet Yellen
Updated On : 07 May 2023 | 9:57 PM IST

Debt deadline: Yellen's alarm sets White House meeting, but no solution yet

Facing the risk of a an unprecedented U.S. government default by month's end, President Joe Biden has invited the top four congressional leaders to face-to-face talks at the White House next week. It's the first concrete step toward negotiations on averting a potential economic catastrophe, but there's a long way to go: Biden and Republicans can't even agree on what's up for negotiation. WHAT'S THE PROBLEM? If the government's legal borrowing limit of $31.4 trillion is not raised or suspended in the next few weeks, the result could be financial havoc. If the government can't borrow money to keep paying its bills for an extended period, there could be millions of job losses, businesses left bankrupt, crashes piling up across financial markets and lasting economic pain. The damage would be financial, but the cause would be political, a breakdown between Republicans and Democrats, rather than a problem with the underlying health of the U.S. economy. The scheduling of next Tuesday's Wh

Debt deadline: Yellen's alarm sets White House meeting, but no solution yet
Updated On : 03 May 2023 | 8:25 AM IST

Janet Yellen projects that US could hit debt ceiling as soon as June 1

Treasury Secretary Janet Yellen has notified Congress that the US is projected to reach its debt limit as early as June 1, if the body does not raise or suspend the debt limit before then. In a letter to House and Senate leaders, Yellen urged Congress to protect the full faith and credit of the United States by acting as soon as possible to address the USD 31.4 trillion limit on its legal borrowing authority. We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States," she said in the letter. The Treasury said on Monday it plans to increase its borrowing during the April to June quarter of this year, even as the federal government is close to breaching the debt limit. The US plans to borrow USD 726 billion during the quarter. That's USD 449 billion more tha

Janet Yellen projects that US could hit debt ceiling as soon as June 1
Updated On : 02 May 2023 | 8:06 AM IST

Chinese police questions staff at Beijing office of Bain & Company: Report

This follows a similar raid at another US firm Mintz's Beijing office last month

Chinese police questions staff at Beijing office of Bain & Company: Report
Updated On : 27 Apr 2023 | 9:34 AM IST

Janet Yellen calls for better US-China relations as tensions rise

Treasury Secretary Janet Yellen will strike a conciliatory tone when she talks about US-China relations on Thursday, calling for cooperation on the urgent global challenges of our day while supporting economic restrictions on China to advance U.S national security interests. We seek a healthy economic relationship with China: one that fosters growth and innovation in both countries, Yellen says in prepared remarks to be delivered at Johns Hopkins University's School of Advanced International Studies in Washington. Yellen plans to deliver a speech that calls for improved relations between the two countries, which have seen increasingly strained relations after the discovery of a Chinese surveillance balloon in U.S. air space and since the Communist nation has grown its ties with Russia despite its continued invasion into Ukraine. A growing China that plays by international rules is good for the United States and the world," Yellen says. Both countries can benefit from healthy ...

Janet Yellen calls for better US-China relations as tensions rise
Updated On : 20 Apr 2023 | 4:44 PM IST

Sitharaman, Yellen discuss strengthening India-US economic partnership

Finance Minister Nirmala Sitharaman on Tuesday met with US Treasury Secretary Janet Yellen on the sidelines of the World Bank and IMF Spring Meetings 2023 in Washington.The two leaders discussed strengthening the India-US economic and financial partnership and increasing engagements at bilateral and multilateral forums."Union Finance Minister Smt. @nsitharaman met with the United States Treasury Secretary Ms.@SecYellen on the sidelines of the @WorldBank and IMF #SpringMeetings 2023, in Washington D.C., today," tweeted the Ministry of Finance.Taking the discussions ahead from their last meeting in November 22 during the Economic Financial Dialogue (EFD), in India, the two leaders discussed strengthening the India-US economic and financial partnership and increasing engagements at bilateral and multilateral forums."Wide-ranging conversation between Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen on deepening bilateral economic partnership and engagement in ...

Sitharaman, Yellen discuss strengthening India-US economic partnership
Updated On : 12 Apr 2023 | 8:00 AM IST

FM Sitharaman meets Yellen; discusses strengthening India-US economic ties

Finance Minister Nirmala Sitharaman Tuesday met with US Treasury Secretary Janet Yellen here and the two leaders discussed strengthening the India-US economic and financial partnership and increasing engagements at bilateral and multilateral forums. Sitharaman, who is leading a high-powered delegation, met Yellen on the sidelines of the World Bank and IMF Spring Meetings 2023 here. "Taking the discussions ahead from their last meeting during the Economic Financial Dialogue #EFD, in India, in Nov. '22, the two leaders discussed strengthening the India-US economic & financial partnership and increasing engagements at bilateral and multilateral forums," the finance ministry said in a series of tweets. Sitharaman appreciated the multi-faceted India-US partnership and called for further cooperation in addressing global economic challenges, including climate change. She also highlighted the role of G20, QUAD and IPEF in fostering this partnership. She "also emphasised the importance of .

FM Sitharaman meets Yellen; discusses strengthening India-US economic ties
Updated On : 11 Apr 2023 | 10:42 PM IST

Yellen rejects World Bank capital increase; no challengers to US nominee

"We do want to see better mobilization of private resources alongside World Bank investments as well, but we're not requesting a capital increase at this time," she added

Yellen rejects World Bank capital increase; no challengers to US nominee
Updated On : 30 Mar 2023 | 7:36 AM IST

US not considering 'blanket' bank deposit insurance: Treasury Secy Yellen

Yellen has earlier said that the US is prepared to take further actions to protect depositors if smaller lenders are threatened

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Updated On : 23 Mar 2023 | 8:45 AM IST

Bank situation 'stabilising', system is 'sound': US Treasury Secretary

Treasury Secretary Janet Yellen is trying project calm after regional bank failures, saying the U.S. banking system is sound but additional rescue arrangements could be warranted if any new failures at smaller institutions pose a risk to financial stability. Yellen, in an excerpt of remarks prepared for delivery to the American Bankers Association on Tuesday, says that overall the situation is stabilising." "And the U.S. banking system remains sound, Yellen says. Yellen's remarks come after a series of troubling bank developments this month. Silicon Valley Bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid anxiety over the bank's health. It was the second-largest bank collapse in U.S. history. Regulators convened over the following weekend and announced that New York-based Signature Bank also had failed. They said that all depositors at both banks, including those holding uninsured funds, those exceeding USD 250,000, would be

Bank situation 'stabilising', system is 'sound': US Treasury Secretary
Updated On : 21 Mar 2023 | 6:25 PM IST

Yellen says US banking system remains sound after 'decisive' actions

A week after the second-largest bank collapse in US history, Treasury Secretary Janet Yellen told the Senate Finance Committee on Thursday that the nation's banking system remains sound and Americans "can feel confident about their deposits. Yellen is the first Biden administration official to face lawmakers over the decision to protect uninsured money at two failed regional banks, a move that some Republicans have criticized as a bank bailout. The government took decisive and forceful actions to strengthen public confidence in the U.S. banking system, Yellen said in testimony before the committee. I can reassure the members of the Committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them." In less than a week, Silicon Valley Bank, based in Santa Clara, California, failed after depositors rushed to withdraw money amid anxiety over the bank's health. Then, regulators convened over the weekend and ...

Yellen says US banking system remains sound after 'decisive' actions
Updated On : 16 Mar 2023 | 10:34 PM IST

SVB crisis: Depositors to get access to 'all of their money' from today

SVB crisis: To allay the fears, a joint statement was issued by the Joe Biden administration stating that resolution will 'fully protect all depositors' and 'no losses will be borne by the taxpayer'

SVB crisis: Depositors to get access to 'all of their money' from today
Updated On : 13 Mar 2023 | 11:26 AM IST

SVB Crisis: What led to the collapse of start-ups' favourite bank?

What is the Silicon Valley Bank? What led to its collapse? Will customers get their money back? How will SVB's collapse hurt start-ups? Will SVB collapse hurt Indian banks? Read to find the answers

SVB Crisis: What led to the collapse of start-ups' favourite bank?
Updated On : 13 Mar 2023 | 11:20 AM IST

All Silicon Valley Bank deposits safe, new backstop for banks created: US

SVB's collapse into FDIC receivership - the second-largest US bank failure in history behind Washington Mutual in 2008 - came suddenly on Friday, following a frenetic couple of days

All Silicon Valley Bank deposits safe, new backstop for banks created: US
Updated On : 13 Mar 2023 | 7:39 AM IST

SVB depositors will have access to their money starting Monday: Yellen

In a step aimed at protecting the US economy by strengthening public confidence in the country's banking system, the Biden administration announced that depositors of the Silicon Valley Bank will have access to their money from Monday. After receiving recommendations from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and consulting with the president, Treasury Secretary Janet Yellen on Sunday approved actions enabling the FDIC to complete its resolution of the Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors, an official statement said. The depositors will have access to all their money starting Monday, that is, March 13. No losses associated with the resolution of the Silicon Valley Bank (SVB) will be borne by the taxpayer, said a joint statement issued by the Department of the Treasury, Federal Reserve, and FDIC. We are also announcing a similar systemic risk exception for Signature Bank, New Yor

SVB depositors will have access to their money starting Monday: Yellen
Updated On : 13 Mar 2023 | 7:08 AM IST

No federal bailout for Silicon Valley Bank: US Treasury Secy Janet Yellen

Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money. The Federal Deposit Insurance Corporation insures deposits up to USD 250,000, but many of the companies and wealthy people who used the bank known for its relationships with technology startups and venture capital had more than that amount in their account. There are fears that some workers across the country won't receive their paychecks. Yellen, in an interview with CBS' Face the Nation, provided few details on the government's next steps. But she emphasised that the situation was much different from the financial crisis almost 15 years ago, which led to bank bailouts to protect the industry. We're not going to do that again," she said. "But we are concerned about depositors, and we're focused on trying to meet their needs. Yellen tried to reassure Americans that there will be no domino effect afte

No federal bailout for Silicon Valley Bank: US Treasury Secy Janet Yellen
Updated On : 12 Mar 2023 | 11:19 PM IST

Janet Yellen visits Kiev, announces $1.2bn additional aid to Ukraine

US is proud to be Ukraine's largest bilateral donor and to date, Washington has provided close to $50 billion in security, economic, and humanitarian assistance to the war-torn nation

Janet Yellen visits Kiev, announces $1.2bn additional aid to Ukraine
Updated On : 28 Feb 2023 | 11:22 AM IST