Economy

Yellen to Cleveland to support Biden’s efforts for revival of American manufacturing By Stocksak


© Stocksak. FILE PHOTO: Janet Yellen, U.S. Treasury Secretary, participates in a discussion during the annual Freedman’s Bank Forum at Treasury Department in Washington, U.S.A, October 4, 2022. REUTERS/Michael A. McCoy

(Stocksak). – U.S. Treasury Sec. Janet Yellen will travel from Washington to promote the Biden administration’s economic initiatives aiming at reviving U.S. Manufacturing, especially in underserved cities, the Treasury stated.

Yellen will speak on the latest in a series of economic speeches influenced by campaign rhetoric ahead of the Nov. 8 U.S. Congress elections. She will discuss the recent legislation that allowed hundreds of billions of dollars to be invested in infrastructure, semiconductors, and clean energy technology.

Senator Sherrod brown, an Ohio Democrat and Yellen will both be present at the opening ceremony of the Manufacturing Advocacy and Growth Network. (MAGNET) is a non-profit incubator in Cleveland for small and mid-sized manufacturers.

The Treasury also said that she will host a roundtable discussion alongside Cleveland-area manufacturers.

She plans to highlight investments such as Intel Corp (NASDAQ:) The planned semiconductor manufacturing plant. An initial $20 billion investment could grow to $100 Billion to make it the largest chip facility in the world.

Yellen also plans on discussing over $100 billion in private sector funding to support electric vehicle production, battery factories, charging infrastructure, and infrastructure that is made possible by infrastructure legislation and clean energy.

Yellen met with utilities and clean power trade groups on Wednesday. This was the first meeting of several with industry, environment, and labor stakeholders to get input on the Treasury’s work on detailed guidance regarding $270 billion worth tax credits for clean energy.

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