News: U.S. Treasury No. 2 nominee Adeyemo faces questions on China in hearing.
WASHINGTON (Reuters) – U.S. Senators are expected to meet Wally Adeyemo, President Joe Biden’s nominee for number 2 in the U.S. Treasury Department, at his Senate Finance Committee hearing on Tuesday about his views on U.S. policy Inform China.
In a testimony prepared for the hearing, Adeyemo hit Beijing hard and pledged to combat what he called “unfair economic practices” in China and elsewhere while working to eradicate economic inequality in his own country.
If confirmed as Assistant Secretary of the Treasury Janet Yellen, Adeyemo, 39, would play a key role in shaping US economic policy on issues ranging from financial regulation to easing everyday Americans and US sanctions against foreign governments.
Adeyemo, a former senior advisor to asset manager BlackRock Inc and a child of Nigerian immigrants, would be the first black deputy treasury secretary. He was a senior national security and economic advisor to Democratic President Barack Obama and held senior positions in the Treasury Department.
Adeyemo said Washington should work with allies and Congress to provide instruments such as sanctions to countries that “threaten our economic and national security”.
“Treasury tools must play a role in responding to authoritarian governments that seek to undermine our democratic institutions. Tackling unfair economic practices in China and elsewhere; and detection and elimination of terrorist organizations that want to harm us, ”he said, according to a text viewed by Reuters.
The Treasury Department oversees a variety of sanctioning instruments, including a ban on U.S. investments in suspected Chinese military companies introduced by former President Donald Trump.
The ban, which has created confusion in the market since it was unveiled in a regulation in November, will come into effect this November. Investors are excited to see if Biden will revoke it or clarify its scope and use it to track top Chinese companies.
Adeyemo also called for targeted investments in critical US industries and technologies, as well as measures to protect workers and businesses from anti-competitive trade practices, signaling a tough stance on trade issues.
Finance Committee chairman Ron Wyden said he hoped to get the nomination through as soon as possible. The hearing begins at 10 a.m. (1500 GMT).
Reporting by Andrea Shalal; Adaptation by Jacqueline Wong
Original Source © Reuters