In a recent press release from the Department of Treasury, Secretary Janet L. Yellen emphasized the crucial role that the United States plays in addressing global instability. Yellen's statement came after President Joe Biden's request to Congress for supplemental funding to support Israel and Ukraine.
Highlighting the urgent need for American leadership, Yellen addressed pressing issues such as Russia's invasion of Ukraine and terrorist attacks by Hamas in Israel. She stated, "The United States must continue to combat global instability with strong leadership and unshakeable commitment." The supplemental funding request aims to enhance U.S. global leadership and further national security goals.
Yellen specifically emphasized the importance of U.S. economic assistance to Ukraine, which has played a critical role in its resistance to Russian aggression. She noted, "Our economic assistance – alongside tens of billions of dollars delivered or committed by our allies – has played a critical role in Ukraine’s valiant resistance to Russian aggression by supporting the Ukrainian home front in this war." The funding will help Ukraine reconstruct destroyed critical infrastructure and stabilize its economy as it prepares for another long winter.
Regarding the situation in Israel, Yellen described the attacks by Hamas as a "terrible reminder" of the global uncertainty and its economic ramifications. She stressed the need for robust international financial institutions like the International Monetary Fund (IMF) and stated that the U.S. is taking a leadership role in ensuring the IMF is well-equipped to promote global stability.
Yellen also acknowledged the U.S. efforts to reform the World Bank as part of its commitment to international economic stability. She stated, "The President’s supplemental funding request will advance both of these critical goals and will promote high standards development models."
In conclusion, Secretary Yellen urged Congress to support President Biden's supplemental funding request. She emphasized the importance of American leadership in advancing national interests and protecting vulnerable countries and people. The White House's supplemental funding request aims to address multiple national security goals, including security and defense aid for Israel and Ukraine, Indo-Pacific security, financial alternatives to Chinese loans, and additional funding for border security. The administration considers these requests essential for U.S. national security, aid to allies, and global stability.