U.S. Treasury No. 2 nominee Adeyemo faces questions on China in hearing




  • In US
  • 2021-02-23 11:14:30Z
  • By Reuters
 

By Andrea Shalal and Alexandra Alper

WASHINGTON (Reuters) - U.S. senators are expected to grill Wally Adeyemo, President Joe Biden's nominee for the No. 2 job at the U.S. Treasury, about his views on U.S. policy toward China at his confirmation hearing before the Senate Finance Committee on Tuesday.

In testimony prepared for the hearing, Adeyemo struck a hardline tone on Beijing, vowing to fight what he called "unfair economic practices" in China and elsewhere, while working to rectify economic inequality at home.

If confirmed as Treasury Secretary Janet Yellen's deputy, Adeyemo, 39, would play a key role in shaping U.S. economic policy on issues ranging from financial regulation to relief for everyday Americans and U.S. sanctions on foreign governments.

A former senior adviser at asset manager BlackRock Inc and the child of Nigerian immigrants, Adeyemo would be the first Black deputy secretary of the Treasury. He served as a top national security and economic adviser to Democratic President Barack Obama and held senior jobs at the Treasury.

Adeyemo said Washington should work with allies and Congress to confront countries that "threaten our economic and national security", using tools such as sanctions.

"Treasury's tools must play a role in responding to authoritarian governments that seek to subvert our democratic institutions; combating unfair economic practices in China and elsewhere; and detecting and eliminating terrorist organizations that seek to do us harm," he said, according to a text viewed by Reuters.

Treasury oversees a host of sanctioning tools, including a ban on U.S. investment in alleged Chinese military companies that was introduced by former President Donald Trump.

The ban, which has prompted market confusion since being unveiled in a November executive order, takes effect in November this year and investors are eager to learn if Biden will revoke it or clarify its scope and use it to go after top Chinese firms.

Adeyemo also called for targeted investments in critical U.S. industries and technologies, and policies to protect workers and companies from anti-competitive trade practices, signaling a hardline stance on trade issues.

Finance Committee Chairman Ron Wyden has said he hopes to speed the nomination through as quickly as possible. The hearing starts at 10 a.m. (1500 GMT).

(Reporting by Andrea Shalal; Editing by Jacqueline Wong)

COMMENTS

More Related News

Fed officials emphasize policy
Fed officials emphasize policy 'patience' as outlook improves

U.S. Federal Reserve officials, facing a potential bout of inflation this spring in an economy turbocharged by vaccines and government spending, on Tuesday...

U.S. Senate confirms Raimondo to head Commerce Department
U.S. Senate confirms Raimondo to head Commerce Department
  • US
  • 2021-03-02 19:46:26Z

The U.S. Senate voted 84-15 on Tuesday to confirm Rhode Island Governor Gina Raimondo to head the U.S. Commerce Department, the agency that repeatedly...

Vaccine Passports, COVID
Vaccine Passports, COVID's Next Political Flash Point

The next major flash point over coronavirus response has already provoked cries of tyranny and discrimination in Britain, protests in Denmark, digital...

Analysis: U.S. bond derivatives signal calm, but economic fundamentals could spur more sell-offs
Analysis: U.S. bond derivatives signal calm, but economic fundamentals could spur more sell-offs

After a sharp sell-off last week U.S. Treasury debt has stabilized, with bond market indicators and derivatives positioning pointing to near-term calm, but...

Wall Street retreats after solid start to March
Wall Street retreats after solid start to March

Wall Street's main indexes dropped on Tuesday after a strong start to March as bond yields pulled back from a one-year high, while investors also looked to...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: US