Morning Wire Yellen’s Senate Testimony & DOD Drone Footage | Afternoon Update | 3.16.23
Mar 16, 2023
Treasury Secretary Janet Yellen's recent Senate testimony sheds light on the banking system's stability and rising inflation. The pressures on TikTok's parent company amid security concerns are also examined, set against a backdrop of military tensions with Russia. A controversial encounter between a Russian fighter pilot and U.S. forces raises questions about their competence. Additionally, allegations of the Biden family's financial ties to the Chinese Communist Party add a twist to the unfolding drama, alongside a manhunt for a former chief of staff.
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Banking System Soundness
- Treasury Secretary Janet Yellen testified that the U.S. banking system is sound.
- Americans can trust their deposits will be available when needed.
Inflation Remains Top Concern
- Yellen affirmed that inflation is the biggest economic challenge.
- She supported the American Rescue Plan despite its inflationary impact.
TikTok Ban or Sale
- The Biden administration told ByteDance to sell TikTok or face a ban.
- This is due to concerns about the Chinese Communist Party accessing user data.