Treasury Secretary Yellen Confident $1.9 Trillion Bill Will Help Bring Country ‘Back to Full Employment’ Next Year

janet yellen

Treasury Secretary Janet Yellen said today that the $1.9 trillion American Rescue Plan, which passed in the Senate on Saturday, will benefit the economy, and she said she hoped the country and economy would be “back to full employment” next year, according to MSNBC.

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In an interview with MSNBC this morning, Yellen deemed the bill “a tremendously important package that will bring hundreds of millions of Americans the relief they need.” Yellen added that she anticipates that “our economy will be back to full employment, where we were before the pandemic, next year.”

The Senate’s version of the legislation must now be passed by the U.S. House of Representatives — which is scheduled to vote on Tuesday — before heading to President Biden’s desk to be signed into law, according to a statement from House Majority Leader Steny Hoyer. Democrats hope to have the Act signed by March 14, the deadline to renew unemployment aid programs.

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Upon the passage of the bill Saturday, Yellen tweeted that “the Senate took a critical step today.”

“With the economy down 9.5 million jobs since February 2020, it could be 2 years before the labor market simply reaches its pre-pandemic level. These high rates of job loss threaten the wellbeing of workers & their families,” she said in a tweet. “Such loss may create economic scars that last well beyond the end of the pandemic. This is why our country is in need of an ambitious relief bill to help Americans endure the final months of this crisis; to put food on the table, checks in the mail, & vaccine shots in the arm. With the Senate’s vote on the America[n] Rescue Plan, the bill is one step closer to passage. Once the plan is signed into law, I am confident that Americans will be met by a strong economy when we make it to the other side of the pandemic.”

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About the Author

Yaël Bizouati-Kennedy is a former full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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