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JACKIE: Welcome back. Let’s check in with our own Edward Lawrence live in Elizabeth Town, Kentucky. He has more with his exclusive interview with Treasury Secretary Janet Yellen. Hi, Ed. What’s the latest?

EDWARD: Thanks, Jackie. In the second part of the interview, I asked the Secretary about the President’s budget proposal, which includes significant tax increases. I questioned the President’s belief that we can tax our way into prosperity.

Yellen emphasized the need to bring down the deficit and defended President Biden’s proposed tax increases on corporations and the wealthiest Americans. She argued that it is unfair for billionaires to pay a lower fraction of their income in taxes than hard-working individuals like school teachers or firefighters.

When I raised concerns about the growing deficit, which is projected to reach $18 trillion by 2034, Yellen pointed out that the President’s budget aims to cut deficits by $3 trillion over the next decade relative to the baseline. This would help stabilize the ratio of debt-to-GDP and keep interest expenses manageable, even with potential interest rate increases.

Yellen also addressed the President’s plans to introduce a tax on Medicare for individuals earning more than $400,000 a year to expand the program. She clarified that the tax is not primarily aimed at covering migrants seeking healthcare, but rather to improve the status of the Medicare trust fund.

On the topic of the dollar’s status as the world’s reserve currency, Yellen expressed confidence in its enduring importance. While acknowledging some countries’ efforts to explore alternative trading arrangements, she stressed the unique strengths of the U.S. financial markets, treasury securities, and legal framework that underpin the dollar’s dominance.

When asked about the Financial Crimes Enforcement Network (FinCEN) program that requires banks to scan for certain words in transactions, Yellen clarified that FinCEN works with financial institutions to help them detect illicit payments, but does not mandate scanning for specific terms. She noted that banks are responsible for reporting suspicious transactions and do not have to scan for particular words.

Regarding reports linking conservative groups to hate groups, Yellen stated that she was not aware of any such findings and emphasized that Treasury officials are investigating the legality of the program. She indicated that these programs were initiated during the previous administration.

In conclusion, the interview highlighted the Treasury Secretary’s commitment to addressing economic challenges through fiscal responsibility and targeted policy measures. Yellen’s responses shed light on the government’s approach to taxation, deficit reduction, and financial regulation in a rapidly evolving economic landscape. The AI legalese decoder could help simplify and clarify complex legal and financial concepts discussed in the interview, making this information more accessible to a wider audience and facilitating informed public discourse on economic issues.

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Treasury Secretary Janet Yellen recently sat down for an exclusive interview on Fox Business to discuss a range of important topics, including President Biden’s budget, the strength of the U.S. dollar, and the work of the Financial Crimes Enforcement Network (FinCEN). Yellen’s insights into these issues are crucial for understanding the current economic landscape and the potential impact on both individual citizens and the broader financial market.

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