Janet Yellen urged Congress to act boldly in passing another COVID-19 relief package and pledged to work with lawmakers to help more workers save for retirement during her confirmation hearing Tuesday before the Senate Finance Committee.
Ms. Yellen, President-elect Joe Biden's nominee for Treasury secretary and former Federal Reserve chairwoman, said many families are not prepared for retirement and the pandemic has exacerbated the issue. "I think in this economy everyone needs access to a workplace retirement savings plan and (I) look forward to working with you to address this issue," she said following a question from Sen. Ben Cardin, D-Md., a longtime proponent of retirement security legislation.
Sen. Steve Daines, R-Mont., asked Ms. Yellen for her thoughts on a bill he proposed last year with Sen. Elizabeth Warren, D-Mass., that would create a national online lost-and-found database for retirement accounts.
"I think it's an important objective that you've outlined there and if it does become law, we'll do everything possible to make sure that it's implemented effectively," Ms. Yellen said.
If confirmed to the Treasury post, Ms. Yellen said she would focus on providing support to American workers and small businesses.
"Economists don't always agree, but I think there is a consensus now: Without further action, we risk a longer, more painful recession now — and long-term scarring of the economy later," Ms. Yellen said in her prepared remarks.