Testimony of Secretary of the Treasury Janet L. Yellen on the President’s Fiscal Year 2025 Budget Request Before the Senate Appropriations Subcommittee on Financial Services and General Government

As Prepared for DeliveryChairman Van Hollen, Ranking Member Hagerty, and Members of the Subcommittee: Thank you for the invitation to testify and for your support of the Treasury Department.Over the past three years, Treasury has helped drive a historic economic recovery and put our economy on a strong path for the medium- and long-term. GDP growth has been strong, growing 3.0 percent over the past four quarters. Inflation has declined substantially since its peak, even as we have more work to do to address high costs and give families more breathing room. The labor market is remarkably healthy. And companies have announced over $850 billion in clean energy and manufacturing investments since the start of this Administration, including in places that historically had not received significant investment or where investment had declined.