US economy

Yellen to attend G20 meeting in Rome, U.N. climate talks – Treasury



© Reuters. Treasury Secretary Janet Yellen testifies during the House Financial Services Committee hearing in Washington, U.S., September 30, 2021. Al Drago/Pool via REUTERS/Files

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen will participate in high-level Group of 20 meetings in Rome next week and attend in a United Nations climate change conference in Scotland the following week, the Treasury Department said Thursday.

Yellen will also visit Dublin, Ireland for talks on global tax priorities, Treasury said in a statement.

“While overseas, Secretary Yellen will continue to reinforce the U.S. commitment to multilateralism and advance U.S. policy priorities on global tax policy, climate change, an inclusive economic recovery, and global health,” Treasury said.

Yellen will also hold meetings with counterparts, allies, and business leaders during her visits to Rome on Oct. 29-31, Dublin on Oct. 31 and Nov. 1, and the U.N. climate conference in Glasgow Nov. 2-3, Treasury said.

Yellen will hail a global corporate minimum tax agreement signed by 136 countries during her visit to Ireland, a low-tax country that dropped its objection to the deal last week after a compromise emerged on a deduction from the minimum tax rate for companies with real physical business activities abroad.

The former chair of the Federal Reserve Board has played a key role in U.S. President Joe Biden’s fight to secure congressional support for trillions of dollars in proposed social spending.

She joined meetings with key progressive and moderate Democrats on Tuesday as they sought to make progress on an economic package now expected to total around $2 trillion, well below the $3.5 trillion initially sought by Biden.

Yellen last week said she was confident the U.S. Congress would approve legislation to implement the global corporate minimum tax, with the measure likely be included in the larger so-called reconciliation budget bill.

The parliamentary maneuver known as budget reconciliation would allow Democrats to approve the spending without Republican votes.

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