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US Treasury Deputy Chief Candidate Pledges to Be Tough on China | Business and economic news




Wally Adeyemo says he will fight unfair economic practices in China while tackling inequality in the United States.

Adewale Wally Adeyemo, US President Joe Bidens’ candidate for the No.2 post in the US Treasury, has vowed to crack down on authoritarian governments and tackle unfair economic practices in China and elsewhere while working to correct economic inequalities in the country.

In testimony prepared for his confirmation hearing before the Senate Finance Committee on Tuesday, Adeyemo said he would focus on three critical areas if confirmed: strengthening US competitiveness, regaining the country’s credibility as a world leader and protect US citizens from threats.

As Assistant Secretary of the Treasury Janet Yellens, Adeyemo will play a key role in shaping US economic policies and overseeing the Treasury’s vast power over everything from financial regulation to relief for ordinary Americans and sanctions against governments. foreigners.

The most immediate threat to the prosperity of the United States remained the COVID-19 pandemic, Adeyemo said, adding that economic policy should remain focused on providing relief to those affected by the health crisis and especially those in the low-income communities and people of color, who have been hit particularly hard.

If confirmed, Adeyemo, 39, a former senior adviser to asset manager BlackRock Inc, would be the first black deputy secretary of the Treasury. He was deputy national security adviser under former Democratic President Barack Obama and then headed the foundation which works on the Library of Former Presidents.

Adeyemo is expected to be asked about his views on U.S. policy toward China, which is currently under intense scrutiny by the Biden administration.

We need to work with Congress and strategically use the tools of the Treasury Department to protect our citizens from threats, foreign and domestic, he said in the testimony, which was seen by Reuters news agency.

The tools of the treasury must play a role in responding to authoritarian governments that seek to subvert our democratic institutions; fight against unfair economic practices in China and elsewhere; and detect and eliminate terrorist organizations that seek to harm us.

The Treasury oversees a host of sanctioning tools, including the ban on U.S. investments in suspected Chinese military companies, introduced by former President Donald Trump.

The ban, which has sparked deep confusion among market participants since it was unveiled in a November executive order, goes into effect in November 2021 and investors are eager to know whether Biden will revoke it or further clarify its decision. reach and will use it to attack the best Chinese. companies.

Firm position

Adeyemo also called for selected investments in critical US industries and technologies and policies that protected American workers and businesses from anti-competitive business practices, signaling a strong stance on trade issues.

Adeyemo, 39, born in Nigeria and arrived in the United States with his parents as a baby, set his national and international political goals, pledging to work to ensure equal access to economic opportunities for all Americans.

Taking action to ensure that all Americans participate in our prosperity is not only a moral imperative, it is essential to our long-term economic growth, he said in his testimony.

The chairman of the finance committee, Ron Wyden, called a perfectly qualified Adeyemo for the job and promised to get the nomination through the committee as quickly as possible.

The hearing will begin at 10:00 a.m. EST (3:00 p.m. GMT), the committee said.

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