Markets Wired

Today, Secretary Janet L. Yellen met virtually with members of the National Governors Association’s Executive Committee to discuss ongoing efforts by Treasury to help states and localities recover from the COVID-19 pandemic. Secretary Yellen told governors present that she understands the significant economic challenges many states are facing and noted the importance of $350 billion in state, local and tribal assistance included in the American Rescue Plan (ARP) and the 159 million economic impact payments that have been disbursed.

Secretary Yellen was joined in the meeting by Gene Sperling, White House American Rescue Plan coordinator and a senior adviser to President Biden, and Jacob Leibenluft, the recently announced Chief Recovery Officer for the Treasury Department. Both Secretary Yellen and Mr. Sperling solicited input, thoughts, and advice from governors as Treasury determines the most efficient and effective way to get resources to states, and made clear that governors will continue to be key partners as Treasury implements all recovery programs including the State and Local Fiscal Recovery Fund, State Small Business Credit Initiative, and renter and homeowner assistance.

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