Janet Yellen

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Treasury secretary calls for crypto regulation

Treasury Secretary Janet Yellen listens during a House Committee on Financial Services hearing, Wednesday, April 6, 2022, on Capitol Hill in Washington. (AP Photo/Evan Vucci, File)

Congress votes to send Biden $2.5T debt limit hike, avoiding …

Senate Majority Leader Chuck Schumer, D-N.Y., speaks to reporters after a Democratic policy meeting at the Capitol in Washington, Tuesday, Dec. 14, 2021. (AP Photo/J. Scott Applewhite)

House approves short-term increase to nation’s debt limit, …

Rep. Michelle Fischbach, R-Minn, looks at the final version of the bill to increase the debt limit as the House Rules Committee meets at the Capitol in Washington on Oct. 12, 2021. The vote in the House will ensure the federal government can continue fully paying its bills into December. (AP Photo/J. Scott Applewhite)

Nearly 140 countries reach tentative deal on global minimum …

Nearly 140 countries have agreed on a tentative deal that would make sweeping changes to how big, multinational companies are taxed in order to deter them from stashing their profits in offshore havens where they pay little or no tax. Under the agreement announced Friday, countries would enact a global minimum corporate tax of 15% on the biggest, internationally active companies. U.S. President Joe Biden has been one of the driving forces behind the agreement as governments around the world seek to boost revenue following the COVID-19 pandemic. “Today’s agreement represents a once-in-a-generation accomplishment for economic diplomacy,” U.S. Treasury Secretary Janet Yellen said in a statement. The agreement was announced by the Paris-based Organization for Cooperation and Economic Development, which hosted the talks that led to it. The deal is an attempt to address the ways globalization and digitalization have changed the world economy. Alongside the minimum tax, it would allow countries to tax part of the earnings of companies whose activities, such as online retailing or web advertising, don't involve a physical presence. On Thursday, Ireland announced that it would join the agreement, ditching the low-tax policy that has led companies like Google and Facebook to base their European operations there. Although the Irish agreement was a step forward for the deal, developing countries have raised objections and Nigeria, Kenya, Pakistan and Sri Lanka have indicated they will not sign up. Anti-poverty and tax fairness advocates have said the bulk of new revenue would go to wealthier countries and offer less to developing countries that are more dependent on corporate taxes. The G-24 group of developing countries said that without a bigger share of revenue from reallocated profits, the deal would be “sub-optimal” and “not sustainable even in the short run.” The deal must clear several more hurdles. It will be taken up by the Group of 20 leaders at a summit in Rome on Oct. 30-31. Then, the part of the deal that reallocates the right to tax corporate profits to where goods and services are consumed would ask countries to sign up to a diplomatic agreement. The global minimum, on the other hand, could simply be enacted by countries in coordinated unilateral action. A top-up provision would mean tax avoided overseas would have to be paid at home. So long as at least the major headquarters countries implement the minimum tax, the deal would have most of its desired effect. U.S. approval of related tax legislation proposed by Biden will be key, especially since the U.S. is home to many of the biggest multinationals. A rejection by Congress would cast uncertainty over the entire project.

Idea of minting $1 trillion platinum coin to fix debt …

This image provided by the U.S. Mint, the reverse of the 2021 American Eagle Platinum One Ounce Proof Coin - Freedom of Religion, is photographed in Washington. (Burwell and Burwell Photography/U.S. Mint via AP)

Treasury Secretary Yellen urges minimum global corporate …

Treasury Secretary Janet Yellen listens to President Joe Biden as he delivers remarks on the national economy and the need for his administration's proposed $1.9 trillion coronavirus relief legislation in the State Dining Room at the White House on February 05, 2021 in Washington, DC. (Stefani Reynolds-Pool/Getty Images)

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Yellen says Biden’s relief plan could restore full …

U.S. President Joe Biden gives a thumbs up as he boards Air Force One before departing from Andrews Air Force Base in Maryland on February 5, 2021. (MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)

Senate confirms Janet Yellen, making her the 1st …

President-elect Joe Biden, right, listens as Janet Yellen, who Biden nominated to serve as Secretary of the Treasury, speaks at The Queen theater, Tuesday, Dec. 1, 2020, in Wilmington, Del. (AP Photo/Andrew Harnik)

GOP, Democrats square off on pandemic support at …

Janet Yellen, nominee for secretary of the Treasury, participates remotely in a Senate Finance Committee hearing in Washington D.C., on Jan. 19, 2021. (ANNA MONEYMAKER/POOL/AFP via Getty Images)

Janet Yellen, Biden’s pick to lead Treasury, made …

President-elect Joe Biden, right, listens as Janet Yellen, who Biden nominated to serve as Secretary of the Treasury, speaks at The Queen theater, Tuesday, Dec. 1, 2020, in Wilmington, Del. (Andrew Harnik/AP Photo)

Biden unveils economic team at critical moment for …

President-elect Joe Biden speaks as Vice President-elect Kamala Harris listens at left, during an event to introduce their nominees and appointees to economic policy posts at The Queen theater, Tuesday, Dec. 1, 2020, in Wilmington, Del. (AP Photo/Andrew Harnik)

Janet Yellen, Neera Tanden lead Biden’s picks for …

This combination photo shows Janet Yellen, left, appearing on FOX Business Network in Washington in August 2019, and Neera Tanden speaking at New Start New Jersey at NJIT in Newark in November 2014. (AP Photo/Andrew Harnik/Mel Evans)

Dow crests 30,000 points for the 1st time with vaccine …

The sign is displayed at the New York Stock Exchange in New York, Monday, Nov. 23, 2020. (AP Photo/Seth Wenig)