US Treasury Secretary visits Ford Dearborn facility
Treasury Secretary Janet Yellen visited the Dearborn Ford facility Thursday to talk about the impact of President Joe Biden’s economic policies on businesses and workers.
Yellen said Biden’s Inflation Reduction Act and CHIPS and Science Act aim to make supply chain economies more resilient, productive, and fair to workers.
The Inflation Reduction Act is a $300 billion investment into deficit reduction through decreasing inflation, investing in domestic energy production, and reducing carbon emissions. The CHIPS and Science Act provides $52.7 billion for research, development, manufacturing, and workforce development.
“[These laws] will raise the ceiling for what our economy can potentially produce,” Yellen said. “They will provide a historic injection of funding into investments that have been too long neglected.”
Yellen's speech at Ford's Rouge Electric Vehicle Center, with an electric F-150 Lightning behind her as she spoke, came soon after the automaker announced its plan to lay off about 3,000 employees in an effort to reduce costs.
The Biden administration's approach to recovery "embraces the notion that some of the best opportunities for growth occur when we invest in people and places that have been forgotten and overlooked,” Yellen said.
After her speech, Yellen visited small businesses that received grants from Detroit’s Motor City Match program, which provides funding and entrepreneurial tools for Detroit businesses.