Beatty Delivers Statement During Financial Services Committee Hearing on the State of the International Financial System and U.S. Economic Growth

WASHINGTON, DC- Ranking Member Congresswoman Joyce Beatty (D-OH) today delivered a statement during the Financial Services Committee hearing entitled, "The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System."

Secretary Janet Yellen reassured the committee that strong U.S. economic growth has helped power the global economy, and that The Department of the Treasury is working under the leadership of President Biden to mitigate remaining risks to the global outlook, such as climate change and global pandemics.

Secretary Yellen also urged Members of Congress to support funding to increase the United States' lending capacity for financial institutions such as the IMF to ensure that the United States can finance developing projects and remain competitive with China. Through these financial institutions, the United States is able to contribute a critical lifeline for the poorest and most vulnerable countries without undermining sovereignty and long-term economic stability.

In her statement, Beatty applauded Secretary Yellen and the Biden Administration for the efforts they have made to restore U.S. leadership in the global economy and strengthen our national security.

Key Quotes:

"Over the last three and a half years, President Biden has helped restore U.S. leadership in the global economy."

"We are experiencing unprecedented levels of job creation, historically low unemployment, declining inflation, and growing wages and wealth - the rebuilding of an economy that works for everyone."

"I want to thank you, Secretary Yellen, for the work you've done to restore our leadership at the international financial institutions and to protect our economy and national security."

"I also want to thank Leader Hakeem Jeffries and Democrats for governing by giving the votes necessary to pass the debt ceiling, although we are in the minority."

"I look forward to continuing to build on the historic work of the Biden Administration."

Video of Beatty's remarks is available here(link is external).

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