Yellen Wanted Biden Relief Plan Scaled Back, Biography Says
- Treasury chief worried March 2021 package would spur inflation
- New book reports on internal lobbying of $1.9 trillion plan
Janet Yellen
Photographer: Valeria Mongelli/BloombergThis article is for subscribers only.
Janet Yellen, worried by the specter of inflation, initially urged Biden administration officials to scale back the $1.9 trillion American Rescue Plan by a third, according to an advance copy of a biography on the Treasury secretary.
“Privately, Yellen agreed with Summers that too much government money was flowing into the economy too quickly,” wrote Owen Ullmann, the book’s author and a veteran Washington journalist, referring to former Treasury Secretary Lawrence Summers, who severely criticized the size of the aid plan. The book is due out on Sept. 27.