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Press Release - Readout of Janet Yellen and Wally Adeyemo's Meeting with Americans for Financial Reform

January 05, 2021

Treasury Secretary-designate Janet Yellen and Deputy Treasury Secretary-designate Wally Adeyemo joined leaders from Americans for Financial Reform (AFR) Tuesday, for a virtual roundtable discussion focused on strategies to address the unprecedented public health and economic crisis that has left millions of Americans struggling to get by.

Secretary-designate Yellen reiterated President-elect Biden's commitment to creating a more just, equitable financial system that works for all. They discussed their shared views on the need for additional financial relief and support for state and local governments to fully distribute the vaccine, continue the delivery of essential services and keep municipal workers in their jobs. They also discussed areas where the incoming Biden-Harris administration can work closely with AFR, a nonpartisan group of civil rights, consumer, labor, business, investor, faith-based, and civic and community groups, to pursue economic policies and targeted investments in critical infrastructure to promote equitable growth, fuel innovation, and address the climate crisis.

The leaders praised Secretary-designate Yellen's record on supervision, regulation and enforcement, and offered their views on strategies for advancing racial and economic justice through financial regulations and consumer protection measures. Deputy Secretary-designate Adeyemo emphasized the incoming administration's commitment to restoring and rebuilding regulatory and consumer protection mechanisms and institutions including the CFPB and FSOC. He also expressed a desire to work closely with AFR on the full spectrum of consumer protection issues.

Secretary-designate Yellen and Deputy Secretary-designate Adeyemo both noted the grave threat to the recovery and long-term health and stability of our economy posed by inequality, and committed to building a diverse senior leadership team that looks like America. They also reiterated their pledge to leverage the full powers and authorities of the Treasury Department to address long standing issues of inequality and structural racism.

Both parties committed to maintaining an ongoing dialogue and Secretary-designate Yellen and Deputy Secretary-designate Adeyemo offered to convene another meeting with AFR in the coming months.

Joseph R. Biden, Press Release - Readout of Janet Yellen and Wally Adeyemo's Meeting with Americans for Financial Reform Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/347508