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By FATIMA HUSSEIN, Related Press
WASHINGTON (AP) — Treasury Secretary Janet Yellen is selling Biden administration insurance policies as the important thing to advancing the nation’s “long-term financial properly being” within the lead-up to the midterm elections.
The previous Federal Reserve chair is visiting a Virginia analysis and improvement enterprise park with Democratic Sen. Tim Kaine on Friday and speaking up administration efforts to revitalize America’s manufacturing capability, spur pc chip manufacturing and improve the nation’s infrastructure. Rep. Gerry Connolly, D-Va., additionally will attend.
Yellen’s go to is a part of the Treasury chief’s ongoing tour of the U.S., as she and different administration officers attempt to quell the impression of persistent excessive inflation.
Voters have made clear that value will increase are a prime concern. A June Related Press-NORC Middle for Public Affairs Analysis ballot confirmed that 40% of U.S. adults particularly named inflation in an open-ended query as one in every of as much as 5 priorities for the federal government to work on within the subsequent 12 months.
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Democrats wish to retain their management in Congress and might want to persuade voters they will wrangle inflation, which accelerated in September. In Virginia, Yellen will discuss how a lift in home industrial manufacturing might be one of many options.
“Our authorities’s failure to put money into innovation has had wide-ranging impacts on our long-term financial properly being,” Yellen mentioned in ready remarks. “On the most elementary stage, it impacted our productive capability.”
She mentioned that over the previous 12 months President Joe Biden’s administration “has begun to reverse that development.”
“We have now superior an financial plan that lastly places innovation and know-how on the forefront of our nationwide agenda,” she mentioned.
Yellen deliberate to attend a roundtable with native entrepreneurs and other people representing Virginia faculties who’re centered on semiconductors, superior manufacturing and different rising applied sciences.
“Collectively, our efforts are elevating our financial system’s combination manufacturing capability,” she mentioned. “And in flip, we’re elevating America’s long-term financial outlook.”
Early voting is underway in lots of states, together with Virginia.
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