This article is adapted from today’s Morning Wire Afternoon Update. To listen to the podcast version, click here.
Yellen Testifies
Secretary of the Treasury Janet Yellen testified before the U.S. Senate today regarding the state of the banking system. She tried to reassure lawmakers and the public that there’s no cause for concern.
“I can reassure the members of the committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them,” she said.
Yellen also stated that inflation remains America’s number one economic issue. “I consider high inflation the number one economic problem that all of us need to face and address … I was very supportive of the American Rescue Plan.”
TikTok Updates
The Biden administration has demanded that TikTok parent company ByteDance sell the video application or face a possible ban in the United States.
Lawmakers from both parties are concerned over reports that the…
