Senator David Perdue Discusses Debt And Economic Growth With Federal Reserve Chair Janet Yellen
WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA), a member of the Senate Banking Committee, asked Federal Reserve Chair Janet Yellen about the U.S economic recovery since the recession and the risks poised on the global economy by the normalization of U.S interest rates.
Click here to watch the exchange or click on the image below.
Global Economic Risks from the Normalization of U.S. Interest Rates
Senator Perdue: “Are you concerned about the emerging market debt with so much of that denominated in dollars today?”
Chair Yellen: “Well, it is a risk. A significant amount of that is in China but that’s not the only country where there is substantial corporate dollar denominated debts and certainly that is a risk we’ve considered that affects the global economy.”
Economy Continues to Recover
Senator Perdue: “This is a long recovery we’re in. It’s been very weak, but it’s been very long—almost nine years, and the typical recovery in U.S. history is about 58 months, or about five years. With consumer confidence right now being at a 13 year high, what are your concerns relative to the strength of this market and the fiscal policy that’s coming out of Washington over the last couple years and even this year relative to a potential correction in this long-standing recovery, the weak recovery? Does the economy have energy to pop and recover from this extended period of weak economic growth?”
Chair Yellen: “I do have a reasonable level of confidence that the expansion can continue, and we’re trying to put in place a monetary policy that will facilitate that.”
Senator Perdue is the only Fortune 500 CEO in Congress and is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Agriculture Committees.
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