In prepared testimony to the hearing, Wally Adeyemo, President Joe Biden’s nominee for deputy Treasury secretary, vowed to crack down on authoritarian governments and keep fighting China’s unfair economic practices, while working to correct economic inequality at home, boost competitiveness and regain credibility as a global leader.
Mr Adeyamo has not yet been confirmed, but he says he will focus on three key areas: boosting the US economy’s competitiveness at home, restoring America’s credibility as a global leader and protecting American citizens from threats. As Treasury Secretary Janet Yellen’s right-hand man, Adeyermo will play a key role in shaping U.S. economic policy and oversee enormous power ranging from financial institutions to day-to-day relief for the American people and sanctions against foreign governments.
Given the level of economic emergency the United States now has to deal with, Adeyermo believes the most immediate impact will be not on China, but on the pandemic. He stressed that economic policy must always focus on helping Americans suffering from health crises, especially low-income communities that have been hit hard. Still, markets are watching closely for his stance on China policy.
Reuters quoted adriano and mo prepared testimony said: “the U.S. Treasury Department’s tools must play a role in the following aspects, including the authoritarian government of trying to subvert our democracy to make timely response, and other places in China and improper economic behavior, as well as investigation trying to hurt our terrorist organization.”
In the face of trade tensions with China, State Department spokesman Ned Price said China had failed to live up to its obligations under international agreements and was being accused of widespread oppression of human rights. “The United States will continue to defend our democratic values when human rights are violated in Xinjiang, Tibet or other parts of China, or when it comes to dealing with Hong Kong,” he said.
While Mr. Wang’s comments came amid a frosty trade and diplomatic standoff between China and the United States, Mr. Biden continued to stress that he would continue to speak out on human rights. Both Biden and Secretary of State Antony Blinken pressed their Chinese counterparts for concrete improvements on human rights issues in Hong Kong and in Xinjiang’s Uighur minority, and called on China to end its military and economic threats against Taiwan.
The U.S. Treasury Department currently oversees a number of sanctions tools, including former President Donald Trump’s ban on investments by suspected Chinese military companies. The ban has been highly questioned by market participants since it was announced last November, when it will take effect. Investors are hoping to find out soon whether the new Biden administration will lift the ban or choose to follow Trump’s lead in doing the same.
Mr Adeyermo also called on the US to protect key industries and technologies and pursue targeted investment strategies. He has also demonstrated a tough stance on trade, arguing that the Treasury needs to prioritize protecting American workers and protecting American entities from anti-competitive practices.
Adeyamo, 39, was born in Nigeria to parents who brought him to the United States as an infant. He set out domestic and international policy goals and vowed to protect Americans’ equal access to economic opportunity. “Taking steps to protect all Americans and share in our prosperity is not only a moral imperative, it is vital to long-term economic growth,” he added in his prepared testimony.
Finance Committee Chairman Ron Wyden said Mr. Adeyermo is qualified to serve as deputy Treasury secretary and said he would move quickly to get his nomination through the committee.