TL/DR –
The speaker thanks the Institute of International Finance (IIF) for its perspectives on key policy issues and credits the Biden-Harris Administration for strong economic growth and low unemployment rates. The speaker discusses pursuing a strategy called “modern supply-side economics” to address challenges like inflation and high prices for essentials. The speaker also highlights the importance of private sector participation in tackling challenges such as climate change and infrastructure development, and shares the administration’s efforts to work with international partners on these issues.
Esteemed Recognition and the Role of IIF
Thank you, Tim, for your kind words and this prestigious Institute of International Finance’s Leadership and Service Award. Your leadership of IIF and the constructive insights of its members on vital policy issues have significantly influenced our work.
Biden-Harris Administration’s Economic Successes
Under the Biden-Harris administration, we have witnessed unexpected economic development. We’ve seen major reductions in inflation, low unemployment rates, and strong economic growth powered by consumer spending and business investment. Moving forward, our goal is to maintain this momentum and address pressing issues like high housing and healthcare costs. Our strategy incorporates modern supply-side economics to expand production capacity and reduce inequality.
American Influence on Global Economy
Our strong economic performance has positively influenced the global economy, which has shown resilience despite various shocks. However, the progress has been uneven, with emerging markets and developing countries still grappling with the impact of the pandemic and Russia’s invasion of Ukraine. As we move forward, global challenges like climate change, pandemics, and conflicts threaten to hinder growth.
America’s International Economic Policy
We have redefined America’s international economic policy, rejecting isolationism and endorsing global leadership. Our focus has been on strengthening relationships, working multilaterally, and seeing the private sector as a key partner in addressing challenges and capitalizing on opportunities.
Addressing Climate Change Through Private Investment
The Inflation Reduction Act, the most significant climate legislation in our history, encourages private sector investment. Public investments have led to over five times as many private investments, resulting in nearly half a trillion in clean energy technology investments in just two years since the Act’s implementation.
International Collaboration and Private Capital
We are also cooperating with international partners to implement ambitious Just Energy Transition Partnerships, attracting private capital. The US launched the G7 Partnership for Global Infrastructure and Investment, further directing private capital to close the world’s infrastructure investment gap. We are utilizing the private sector to foster growth and address potential risks to financial stability, including cybersecurity, artificial intelligence, tokenization, and cross-border payments.
Looking Ahead
These priorities will be my primary focus during the Annual Meetings this week. I appreciate this opportunity to reflect on them. Thank you again for this honor.
—
Read More US Economic News