Luetkemeyer Questions Yellen and Powell in House Financial Services Committee
WASHINGTON, D.C. – Today, in a House Financial Services Committee hearing entitled, “Oversight of the Treasury Department's and Federal Reserve's Pandemic Response,” Congressman Blaine Luetkemeyer (MO-03) questioned Treasury Secretary Janet Yellen about her continued absence in the House Small Business Committee and Federal Reserve Chair Jay Powell regarding concerning American investment in China.
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“Secretary Yellen, I’m the Ranking Member of the Small Business Committee as you well know. The CARES Act put the Secretary of the Treasury in charge of the PPP program. You, by law, were supposed to show up by the end of April… and you have yet to grace the threshold of that committee hearing room… It’s your job to oversee that particular program, and it’s your job to be able to report on it as per the law. And you just thumb your nose at the law over and over again. It can’t continue.”
“Chairman Powell, I’m very concerned about the continued investment in China by all of the folks in this country… As we continue to throw more money into the economy it seems like there’s more and more money shifting over to China. Investing in the Chinese bonds, they’re investing in [Chinese] companies and securities, are you alarmed by this at all? By our investing in China and their economy – which would be competing against us and would have a direct impact on our economic ability to survive down the road?”