{"id":560908,"date":"2021-06-11T13:07:07","date_gmt":"2021-06-11T17:07:07","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=560908"},"modified":"2021-06-11T13:07:09","modified_gmt":"2021-06-11T17:07:09","slug":"janet-yellen-as-congress-for-billions-to-help-other-countries-debt-relief-climate-change-initiatives","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/janet-yellen-as-congress-for-billions-to-help-other-countries-debt-relief-climate-change-initiatives\/","title":{"rendered":"Janet Yellen As Congress For Billions To Help Other Countries\u2019 \u2018Debt Relief,\u2019 \u2018Climate Change\u2019 Initiatives"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjanet-yellen-as-congress-for-billions-to-help-other-countries-debt-relief-climate-change-initiatives%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=560908&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-295.jpeg?w=1200&#038;h=800&#038;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>Treasury Secretary Janet Yellen asked Congress for billions to help foreign countries\u2019 climate change and debt relief efforts.<\/span><\/p>\n<p><span>In prepared <\/span><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0222\"><span>remarks<\/span><\/a><span> to the House of Representatives\u2019 Subcommittee on State, Foreign Operations, and Related Programs, Yellen expressed concern that other economies are rebounding in a manner that disproportionately benefits the upper class.<\/span><\/p>\n<p><span>Yellen told Congress on Thursday:<\/span><\/p>\n<blockquote readability=\"10\">\n<p><i><span>When I took office, one of my greatest concerns was a K-shaped recovery from the pandemic; a recovery where high-income households rebounded quickly<\/span><\/i> <i><span>\u2014 or even emerged better-off \u2014 while low- and middle-income families suffered for a very long time\u2026 Low-income nations haven\u2019t had the fiscal space to implement sweeping relief, as we did with the American Rescue Plan. Even their ability to access vaccines is limited.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Suggesting that \u201cAmerica is better off in a wealthier, vaccinated world,\u201d Yellen informed Congress that addressing \u201cglobal security threats\u201d \u2014 such as \u201cclimate change\u201d \u2014 would be more difficult if most of the world is still dealing with the fallout from COVID-19.<\/span><\/p>\n<p><span>\u201cThe United States must lead in addressing this global divergence,\u201d she said. \u201cThe Treasury Department is prepared to be part of this leadership. We just need the resources.\u201d<\/span><\/p>\n<p><span>Yellen \u2014 who formerly helped to lead the federal government\u2019s financial apparatus under the Clinton and Obama administrations \u2014 directed lawmakers\u2019 attention to several portions of the Biden administration\u2019s recent $6 trillion budget <\/span><a href=\"https:\/\/www.dailywire.com\/news\/5-things-you-need-to-know-about-bidens-latest-budget-proposal\"><span>proposal<\/span><\/a><span>.<\/span><\/p>\n<p><span>Yellen asked that Congress fund its commitments to international financial institutions, which have mandates to help developing countries with their economic recoveries.<\/span><\/p>\n<blockquote readability=\"9\">\n<p><i><span>The first is funding for international financial institutions (or IFIs) like the World Bank and the African Development Bank\u2026 We have over $2.7 billion in unmet commitments to IFIs, and this will grow unless Congress appropriates funding to meet our current-year commitments and pay down our unmet balance.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Likewise, Yellen asked Congress to support new global <\/span><a href=\"https:\/\/www.worldbank.org\/en\/topic\/debt\/brief\/covid-19-debt-service-suspension-initiative\"><span>entities<\/span><\/a><span> meant to help developing nations struggling to meet foreign debt obligations.<\/span><\/p>\n<blockquote readability=\"12\">\n<p><i><span>The second involves low-income-country debt. The pandemic has wreaked havoc on the finances of these nations, and if they are going to rebuild, many will need to address their debt vulnerabilities. The United States led in creating the G20 Debt Service Suspension Initiative (or DSSI) and the Common Framework for Debt Treatments for precisely this reason, but now we need to fund both. Without new funding, the United States could be forced to delay the multilateral debt process under the Common Framework and charge much higher interest rates on DSSI debt service suspensions.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Yellen then asked for additional dollars to help the International Monetary Fund issue new <\/span><a href=\"https:\/\/www.imf.org\/en\/Publications\/Policy-Papers\/Issues\/2021\/03\/31\/Poverty-Reduction-and-Growth-Trust-2020-21-Borrowing-Agreements-with-The-Government-of-50320\"><span>loans<\/span><\/a><span> to recovering low-income nations.<\/span><\/p>\n<blockquote readability=\"11\">\n<p><i><span>Third, our budget includes funding for the IMF\u2019s Poverty Reduction and Growth Trust \u2014 and authorization to lend Special Drawing Rights to it or another appropriate fund. This would be America\u2019s first direct contribution to the Trust, and it will also help establish a trust fund that would support the recovery of low- and middle-income countries, as well as broader economic reforms that would improve the lives of their people. We\u2019re working with the IMF and other international partners on this.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Yellen also requested $1 billion to help developing countries fight climate change.<\/span><\/p>\n<blockquote readability=\"10\">\n<p><i><span>Fourth, on the other side of the pandemic, we have to help low-income nations grapple with the reality of climate change \u2014 because that\u2019s the only way we\u2019ll reach net-zero emissions, as a global community. Treasury\u2019s request includes roughly $1 billion for this purpose.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>During the 2020 election cycle, the Biden-Harris campaign platform expressed a <\/span><a href=\"https:\/\/joebiden.com\/americanleadership\/\"><span>desire<\/span><\/a><span> to lead the world in addressing \u201cthe most urgent global challenges.\u201d\u00a0<\/span><\/p>\n<p><span>\u201cThe Biden administration will rejoin the Paris Climate Accord on day one and lead a major diplomatic push to raise the ambitions of countries\u2019 climate targets,\u201d reads the platform, which also commits the United States to \u201cconvene a climate world summit to directly engage the leaders of the major carbon-emitting nations of the world to persuade them to join the United States in making more ambitious national pledges, above and beyond the commitments they have already made.\u201d<\/span><\/p>\n<p><span>President Biden does not share former President Trump\u2019s distrust of global initiatives like the World Health Organization \u2014 which the Trump administration <\/span><a href=\"https:\/\/www.dailywire.com\/news\/breaking-united-states-will-withdraw-from-the-world-health-organization\"><span>exited<\/span><\/a><span> last July amid reports that the group helped Chinese government officials conceal the origins of COVID-19.<\/span><\/p>\n<p><span>On his first day in the White House, President Biden <\/span><a href=\"https:\/\/apnews.com\/article\/us-who-support-006ed181e016afa55d4cea30af236227\"><span>announced<\/span><\/a><span> his intention to rejoin the entity. Dr. Anthony Fauci affirmed that the United States would also \u201cfulfill its financial obligations to the organization.\u201d<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen asked Congress for billions to help foreign countries\u2019 climate change and debt relief efforts.In prepared remarks to the House of Representatives\u2019 Subcommittee on State, Foreign Operations, &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2280030,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-295.jpeg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Janet Yellen As Congress For Billions To Help Other Countries\u2019 \u2018Debt Relief,\u2019 \u2018Climate Change\u2019 Initiatives","footnotes":""},"categories":[],"tags":[],"class_list":["post-560908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-295.jpeg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Janet Yellen As Congress For Billions To Help Other Countries\u2019 \u2018Debt Relief,\u2019 \u2018Climate Change\u2019 Initiatives","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/560908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=560908"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/560908\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2280030"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=560908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=560908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=560908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}