Treasury Secretary Janet Yellen’s Tax and Financial Services Responses to Senate Finance Committee

Treasury Secretary Janet Yellen’s Tax and Financial Services Responses to Senate Finance Committee

Jan 26, 2021

Client Alert

Brownstein Client Alert, January 26, 2021

On Jan. 25, the Senate voted overwhelmingly to confirm President Joe Biden’s nomination of Janet Yellen to be the 78th treasury secretary. Yellen is the first woman to hold the position and she will be responsible for overseeing U.S. economic recovery in the wake of the COVID-19 pandemic.

Yellen, who previously served as chair of the Federal Reserve System Board of Governors and chair of the Council of Economic Advisors, has long been at the forefront of shaping the country’s monetary policy. However, her views on fiscal policy, particularly those related to the nuances of tax issues, are less well known.

Lawmakers probed Yellen on some of these issues during her confirmation hearing and subsequently in writing through the committee’s Questions for the Record (QFR). Yellen’s answers in the QFR, which total 114 pages, are summarized in this document.

While Yellen answered a host of questions ranging from international economic policy to domestic banking regulation, the answers examined below are focused most intently on those related to tax and financial services policy.

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