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




  • In Politics
  • 2021-02-23 11:04:49Z
  • 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

Police bolster security at US Capitol as QAnon theory claims Trump will become president March 4
Police bolster security at US Capitol as QAnon theory claims Trump will become president March 4

It's unclear how many QAnon supporters support the March 4 inauguration theory and whether there will be any violence that day in Washington, D.C.

China, looking post-virus, to push tech autonomy at Congress
China, looking post-virus, to push tech autonomy at Congress
  • US
  • 2021-03-03 01:37:18Z

Chinese leaders are shifting focus from the coronavirus back to long-term goals of making China a technology leader at this year's highest-profile political ...

The Cuomo allegations matter
The Cuomo allegations matter

Andrew Cuomo accused of sexual harassment. Texas, Mississippi end statewide mask mandate. It's Tuesday's news.

Venezuela
Venezuela's Guaido, U.S. Secretary of State Blinken discuss 'return to democracy'

Venezuelan opposition leader Juan Guaido spoke with U.S. Secretary of State Antony Blinken on Tuesday, the U.S. State Department said, the highest-level U.S....

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...

Leave a Comment

Your email address will not be published.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

Cancel reply

Comments

Top News: Politics