Adeyemo, No. 2 US Treasury candidate, faces questions about China in hearing

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In this news, we discuss the Adeyemo, No. 2 US Treasury candidate, faces questions about China in hearing

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WASHINGTON (Reuters) – U.S. Senators are expected to grill Wally Adeyemo, President Joe Biden’s nominee for the No. 2 position in the U.S. Treasury, over his take on U.S. policy toward China during his confirmation hearing before the Senate finance committee on Tuesday.

In his prepared testimony for the hearing, Adeyemo set an uncompromising tone in Beijing, vowing to fight what he called “unfair economic practices” in China and elsewhere, while working to rectify economic inequalities in his country. .

If confirmed as Deputy Treasury Secretary Janet Yellen, Adeyemo, 39, would play a key role in shaping US economic policy on issues ranging from financial regulation to the relief of everyday Americans. and US sanctions against foreign governments.

A former senior adviser to asset manager BlackRock Inc and the child of Nigerian immigrants, Adeyemo is said to be the first black deputy secretary to the Treasury. He was one of the best national security and economic adviser to Democratic President Barack Obama and has held senior positions in the Treasury.

Adeyemo said Washington should work with its allies and Congress to confront countries that “threaten our economy and our security”, Using tools such as sanctions.

“Treasury tools must play a role in responding to authoritarian governments seeking to subvert our democratic institutions; fight against unfair economic practices in China and elsewhere; and detect and eliminate terrorist organizations that seek to harm us, ”he said, according to a text consulted by Reuters.

The Treasury oversees a host of sanctioning tools, including the ban on U.S. investments in suspected Chinese military companies, introduced by former President Donald Trump.

The ban, which has confused the market since it was unveiled in a November executive order, goes into effect in November of this year and investors are eager to know whether Biden will revoke it or clarify its scope and will use it to attack big Chinese companies.

Adeyemo also called for targeted investments in critical US industries and technologies, as well as policies to protect workers and businesses from anti-competitive business practices, signaling a strong stance on trade issues.

Finance Committee Chairman Ron Wyden said he hoped to expedite the appointment as quickly as possible. The hearing begins at 10 a.m. (3 p.m. GMT).

Reporting by Andrea Shalal; Editing by Jacqueline Wong

Original © Thomson Reuters

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