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Treasury Sec Yellen To Testify Before Financial Services Committee June 7

US

Reuters reports that a spokesperson for the House Financial Services Committee has confirmed that Treasury Secretary Janet Yellen will testify before the committee on June 7.

  • The confirmation comes after Conservative Republicans yesterday openly questioned Yellen's debt limit X-date of June 1.
  • Freedom House Caucus member Rep Matt Gaetz (R-FL) called on Yellen to "show her work,” and Rep Ralph Norman (R-SC) suggested Yellen should be subpoenaed to explain to Congress how she reached her projection.
  • House Financial Services Committee Chairman Patrick McHenry (R-NC), one of GOP's lead debt limit negotiators, said yesterday: “I want to trust the Treasury’s math, but they’re going to have to show their work. And if the White House team doesn’t have a sense of urgency, if the President doesn’t have a sense of urgency here, then that raises more questions — valid questions — about how they justify the date.”
  • In contrast to some of his reps, House Speaker Kevin McCarthy (R-CA) has outwardly accepted Yellen's X-date projection.
  • Fed Chair Jerome Powell is also slated to appear in front of the Committee at the end of June.

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