The US Treasury Department pledges to combat China’s ‘unfair economic practices’

Wally Adimo talks to US Treasury Secretary Janet Yellen. (Twitter peck / wallyadeyemo)

Wali Ademu, President Joe Biden’s nominee for the second position in the U.S. Treasury, has pledged to crack down on authoritarian governments and fight unfair economic practices in China and elsewhere while working to correct economic inequality at home.

In testimony prepared for his confirmation hearing before the Senate Finance Committee on Tuesday, Adimeo said he would focus on three critical areas if confirmed: enhancing the competitiveness of the United States, restoring America’s credibility as a global leader and protecting American citizens from threats.

As Deputy Treasury Secretary Janet Yellen, Adiemo will play a major role in shaping American economic policies and overseeing the enormous power of the Treasury in everything from financial regulation to exemption for ordinary Americans and sanctions against foreign governments.

The most pressing threat to the prosperity of the United States is the Covid-19 epidemic, Adimo said, saying that economic policy should remain focused on providing relief to those affected by the health crisis, especially those who live in low-income communities and people of color. Struck with special force.

If confirmed, Adiemo, a former senior advisor at BlackRock Asset Management, will be the first black deputy treasury secretary.

He served as Deputy National Security Adviser under President Barack Obama, and later headed the foundation that operates the former president’s library.

Adiemo is expected to be questioned about his views on US policy toward China, which is currently under comprehensive review by the Biden administration.

“We need to work with Congress and use Treasury tools strategically to protect our citizens from external and internal threats,” he said in testimony seen by Reuters.

Treasury tools should play a role in responding to authoritarian governments that seek to undermine our democratic institutions; Combating unfair economic practices in China and elsewhere; Exposing and eliminating terrorist organizations that seek to harm us. “

The Treasury Department oversees a raft of sanctions tools, including a ban on US investment in alleged Chinese military companies introduced by former President Donald Trump.

The ban, which has sparked deep confusion among market players since it was unveiled in an executive order in November, will go into effect in November 2021 and investors are looking to see if Biden will rescind it or further clarify its scope and use it to go after major Chinese. Companies.

Equal opportunities

Adimo has also called for targeted investments in US industries and biotechnologies, and policies that protect US workers and companies from anti-competitive business practices, indicating a hard-line stance on trade issues.

Ademu, 39, was born in Nigeria and came to the United States with his parents as an infant. He drew a map of his domestic and international policy goals and pledged to work to ensure equal access to economic opportunity for all Americans.

“Taking steps to ensure the participation of all Americans in our prosperity is not only a moral imperative, but it is necessary for our long-term economic growth,” he said in his testimony.

Finance Committee Chairman Ron Wyden Adeymo described him as “eminently qualified” for the position and pledged to receive the nomination through the committee as soon as possible.

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