Treasury Secretary Janet Yellen touted the “historic recovery” of the economy under President Joe Biden during her Tuesday appearance before Congress.
“Over the past three years, the Biden administration has driven a historic recovery,” Yellen said in opening remarks before the House Financial Services Committee as part of the annual report of the Financial Stability Oversight Council.
“GDP growth is strong, and inflation has declined significantly,” she continued. “We have also achieved a healthy labor market.”
Yellen noted the labor force participation rate is up, while the unemployment rate has remained below 4%, “continuing the longest streak in 50 years.” Real wages and household median wealth have also increased, she added.
She also emphasized the Financial Stability Oversight Council’s focus on addressing risks from the banking sector and nonbank financial institutions, climate-related events, cybersecurity, artificial intelligence and digital assets.
The council, which was created in the wake of the 2008 financial crisis, comprises the nation’s major financial regulators and is chaired by the Treasury secretary.
