In a direct address to the House Financial Services Committee on Tuesday, Treasury Secretary Janet Yellen raised significant concerns regarding the commercial real estate sector and outlined the Financial Stability Oversight Council’s focused attention on the risks associated with digital assets, including stablecoins and crypto asset volatility.
Despite these concerns, Yellen offered a broadly optimistic view of the U.S. economy’s trajectory, affirming its strong growth and the resilience of the labor market.
“I absolutely believe it’s headed in the right direction,” Yellen said, adding that “our growth is extremely strong, the labor market is at least as strong as it was prior to the pandemic.”
Yellen remarked on the unprecedented success in maintaining unemployment rates below 4% for the longest period in 50 years.
Digital Assets: Yellen Calls for Regulatory Action
On the topic of digital assets, Yellen reiterated her view on the necessity for enhanced regulatory frameworks to manage the risks posed by the burgeoning sector.
She advocated for “the …
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