Adeyemo, No. 2 U.S. Treasury Nominee, Faces Questions About China in Hearing by Reuters

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By Andrea Shalal and Alexandra Alper WASHINGTON (Reuters) – US senators are expected to question Wally Adeyemo, President Joe Biden’s candidate for the No. 2 seat in the US Treasury, about his views on US policy toward China in your confirmation hearing before the Senate. Finance Committee on Tuesday. In testimony prepared for the hearing, Adeyemo took a hard-line tone on Beijing, vowing to fight what he called “unfair economic practices” in China and elsewhere, while working to rectify economic inequality in the country. If confirmed as Deputy Treasury Secretary Janet Yellen, Adeyemo, 39, would play a key role in shaping American economic policy on issues ranging from financial regulation to relief for everyday Americans to sanctions. Americans to foreign governments. Adeyemo, a former senior advisor to asset manager BlackRock Inc (NYSE 🙂 and the son of Nigerian immigrants, would be the first black undersecretary of the Treasury. He served as the senior economic and national security adviser to Democratic President Barack Obama and held senior positions in the Treasury. Adeyemo said Washington should work with allies and Congress to confront countries that “threaten our economic and national security,” using tools such as sanctions. “Treasury tools must play a role in responding to authoritarian governments that seek to subvert our democratic institutions; combat unfair economic practices in China and elsewhere; and detect and eliminate terrorist organizations that seek to harm us,” he said, according to a text. seen by Reuters. The Treasury oversees a number of sanctioning tools, including a ban on US investment in alleged Chinese military companies that was introduced by former President Donald Trump. The ban, which has caused confusion in the market since it was released in a November executive order, takes effect in November of this year and investors are eager to know whether Biden will revoke it or clarify its scope and use it to go after major Chinese companies. Adeyemo also called for specific investments in critical US industries and technologies, and policies to protect workers and companies from anti-competitive business practices, indicating a hard-line stance on trade issues. Finance Committee Chairman Ron Wyden has said he hopes to expedite the nomination as quickly as possible. The hearing begins at 10 am (1500 GMT).

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