US: Yellen To Speak On Transatlantic Alliance
Treasury Secretary Janet Yellen is set to deliver remarks shortly to the
Frankfurt School of Finance and Management on the topic of 'the importance of
the transatlantic alliance for people in the U.S., Europe, and around the
world.' Livestream can be found here:
https://www.youtube.com/watch?v=OD3NvMK2hQk.
* Some sections of Yellen's remarks have been trailed early. Regarding
sanctions on Russia and utilising windfall profits from Moscow's frozen
assets to fund Ukraine, Yellen is to say "It's (...) critical that we ensure
Ukraine has the support it needs(...). That's why I believe it's vital and
urgent that we collectively find a way forward to unlock the value of Russian
sovereign assets immobilized in our jurisdictions for the benefit of
Ukraine."
* Reuters reports, "the U.S. has proposed a plan to pull forward the interest
on (Russian) assets to back a bond or a loan that would provide Ukraine
perhaps $50 billion in the near term(...). The plan comes with some
controversy, because it would require Western powers to hold the assets for
around 20 years..."
* Aside from security issues, the WSJ is reporting :
https://www.wsj.com/politics/policy/a-global-tax-on-billionaires-janet-yellen
-says-no-cdb22e2fthat Yellen has come out strongly against the prospect of a
global 'billionaires tax' proposed by this year's G20 president, Brazil. The
upcoming G7 fin mins meeting is set to discuss a global wealth tax, but
Yellen states "We believe in progressive taxation. But the notion of some
common global arrangement for taxing billionaires with proceeds redistributed
in some way-we're not supportive of a process to try to achieve that,"