By Reuters Staff
(Adds comments on spending priorities, tax policy)
WASHINGTON, Jan 19 (Reuters) - Janet Yellen, U.S. President-elect Joe Biden’s nominee for Treasury Secretary, urged lawmakers on Tuesday to “act big” on the next coronavirus relief package, adding that the benefits outweigh the costs of a higher debt burden.
Yellen said her task as Treasury chief will be to help Americans endure the final months of the coronavirus pandemic, and rebuilding the U.S. economy “so that it creates more prosperity for more people and ensures that American workers can compete in an increasingly competitive global economy.”
Biden, who will be sworn into office on Wednesday, outlined a $1.9 trillion stimulus package proposal last week, saying bold investment was needed to jump-start the economy and accelerate the distribution of vaccines to bring the virus under control.
Senator Ron Wyden, the top Democrat on the U.S. Senate Finance Committee, said he would push for a Thursday vote to confirm former Fed Chair Janet Yellen as the next Treasury secretary.
Janet Yellen, U.S. President-elect Joe Biden's nominee for Treasury Secretary, urged lawmakers on Tuesday to "act big" on coronavirus relief spending, arguing that the economic benefits far outweigh the risks of a higher debt burden.
Gold prices edged higher on Monday on the prospect of extended U.S. fiscal stimulus and accommodative monetary policies, although bullion held close to the 1-1/2 month low hit earlier as the dollar extended gains. Spot gold was up 0.3% to $1,831.49 per ounce by 1236 GMT, after falling to $1,809.90, its lowest since Dec. 2. "This new (U.S.) government will provide more economic stimulus and also the policy of the U.S. Federal Reserve is unlikely to become more hawkish going forward," said Commerzbank analyst Eugen Weinberg.
Janet Yellen, President-elect Joe Biden's pick to take over the U.S. Treasury, is expected to affirm the United States' commitment to market-set currency rates when she testifies on Capitol Hill on Tuesday, the Wall Street Journal reported.