Janet Yellen’s response to job losses from minimum wage increase ‘disappointing,’ Sen. Tim Scott says

Sen. Tim Scott, R-S.C., slammed President-elect Joe Biden’s Treasury Secretary nominee, Janet Yellen, for giving a ‘disappointing’ answer Tuesday on the impact a $15 federal minimum wage would have on small businesses that are already struggling during the coronavirus pandemic.

“I asked @JanetYellen how raising the minimum wage to $15 affects the millions of #smallbiz on the brink of closing,” Scott tweeted Tuesday. “Her answer was disappointing & didn’t mention the 3.7 million jobs the@USCBO estimates will be lost. I’ll fight to protect businesses from these damaging policies.”

Yellen argued during her confirmation hearing on Tuesday that Biden is proposing a $15 federal minimum wage because there are “millions of American workers who are putting their lives on the line to keep their communities functioning” and that working multiple jobs isn’t enough for Americans to put food on the table and keep a roof over their head.

“They’re suffering in countless ways especially during this pandemic and really struggling to get by and raising the minimum wage would really help many of those workers and thats the reason for doing it,” Yellen said.

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In addition to a federal minimum wage increase, Biden’s proposal includes a one-time $1,400 stimulus check for the American people, extended unemployment benefits through September, funding to accelerate vaccine distribution, a $15 billion grant program separate from the Paycheck Protection Program, and a $35 billion investment in some state, local, tribal and non-profit financing programs that can provide low-interest loans and venture capital to help small businesses.

Yellen, who led the Federal Reserve from 2014 to 2018 after being appointed by Former President Barack Obama, would be the first woman to lead the Treasury Department since the institution was established in 1789. She is expected to win quick Senate confirmation, with Sen. Ron Wyden, D-Ore., saying he hoped she could be confirmed by the full Senate as soon as Thursday.

Her nomination was supported in a letter from eight previous Treasury secretaries, who served both Republican and Democratic presidents.

Yellen’s financial disclosure forms reveal that she listed more than $7 million in speaking fees from several top Wall Street firms, including Goldman Sachs, Bank of America, Google and Salesforce since she left the Fed. She has agreed to recuse herself from Treasury matters involving certain financial institutions.

Full article at FOX Business.