Treasury Secretary Janet Yellen on Friday stressed the need for further fiscal support to promote a lasting economic recovery, in a virtual meeting with G7 finance ministers and central bank governors. “She emphasized that ‘the time to go big is now’ and that the G7 should be focused on what more we can do to provide support at this time,” said a statement from a Treasury Department spokesperson. Yellen also highlighted the Biden administration’s plans for tackling climate change, the statement said. The meeting came as the administration is pushing a $1.9 trillion COVID relief plan, and Yellen is reportedly creating a new Treasury position for climate czar. Fed Chairman Jerome Powell was also scheduled to participate in the G7 meeting.
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