Yellen Says Treasury Preparing to Deliver Relief Funds Quickly
(Bloomberg) -- As Congress closes in on passing a $1.9 trillion coronavirus-relief package, Treasury Secretary Janet Yellen said her department is preparing to send out aid as rapidly as possible.
“In the coming days, our Treasury team is going to work to get this aid out as in the quickest way possible -- and the one that produces the greatest impact,” Yellen said Tuesday in the text of a speech for a virtual conference organized by the National League of Cities.
The White House said earlier Tuesday that President Joe Biden’s name will be left off the next round of stimulus checks in a bid to speed distribution to Americans.
Yellen added that the legislation, which Biden could sign this week, will help avoid repeating a key mistake made after the global financial crisis more than a decade ago.
“During the Great Recession, when cities and states were facing similar revenue shortfalls, the federal government didn’t provide enough aid to close the gap,” Yellen said. “It was a profound error.”
The stimulus measure includes $350 billion aid for state and local governments.
Yellen said she’s hopeful that by the end of the year the U.S. economy “will resemble 2019 much more than 2020.”
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