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Yellen speaking now on her vision for recovery & Biden's Rescue plan. "Neither the president-elect nor I proposed this relief package w/o an appreciation for the country's debt burden. But right now, w/ interest rates at historic lows, the smartest thing we can do is act big."

On bipartisan cooperation, Yellen: "My husband & son are watching us on C-SPAN from the other room...They're also wonderful & opinionated economists themselves. So, I'm used to debate about these issues in the house. And I'd welcome it in the Senate."

Yellen on what policy would provide the biggest "bank for the buck:" "The relief that we provide to those who are in the greatest need and to small businesses." Mentioned extended UI, expanding SNAP benefits, widespread vaccinations.

Woops. Bang for the buck* ya'll know what I mean

On 2017 tax law & Biden plan to reverse parts of it. Yellen: Work to "try to stop what has been a destructive global race to the bottom on corporate taxation. In that context, we would ensure the competitiveness of American corporations, even w/ a somewhat higher corporate tax."

On climate change and incentives for electric vehicles. Yellen: Biden "wants to ensure a robust electric vehicle market ... that will involve building infrastructure and making sure that our workers have the skills that are needed to succeed in electric vehicles."

On debt burden of $1.9T package Yellen: "Scarring due to this pandemic...can really harm the long-run potential productivity of our economy...that would make it difficult to get back on the growth path we were on. & it's really critically important to provide this relief now."

.@SenatorMenendez, longest serving Latino in Congress, asks about reducing racial inequality. Yellen: "This pandemic is taking just an unbelievable toll on low-income workers & on minorities especially." Calls it top priority, citing: Min wage, paid leave, UI, help for small biz

Some more on the $15 min wage (taking fed wage up from $7.25) Yellen: "There's now a large economics literature on this, and much of it suggests that for raising minimum wages...the findings are that job loss is very minimal, if anything."

The big thread from @JanetYellen today has been focus on those most impacted by pandemic, particularly people of color & women. Yellen, talking about the hunger crisis, evictions: "We really need to address those forms of suffering. And I think we can't compromise on it."

On $1,400 payments and whether they're sufficiently targeted. Yellen: Some workers who can't get UI "had to drop out of the labor force because their children are out of school, who simply can't participate because they need to take care of family priorities." READ: MOTHERS

On raising taxes in the context of a pandemic. Yellen: "The focus right now is on providing relief & on helping families keep a roof over their head & food on the table, and not on raising taxes," but longer term that will be part of plan to ensure we're "investing in people."

2 parts on this. Yellen asked about child care & the connection with women's labor force participation. Yellen: "Once upon a time, we had 1 of the highest labor force participation rates for women of any developed country, & that has really changed." Now nowhere near top. (1/2)

Yellen: "Where we stand out is that the United States does much less on the front of childcare & paid leave than most other developed economies." "It's women who have suffered a disproportionate loss of jobs...burden of caring for children...& for relatives who are ill." (2/2)