“There is the potential for continued volatility and unevenness of global growth as countries continue to grapple with the pandemic,” Yellen said during a hearing on the Financial Stability Oversight Council’s (FSOC) annual report to Congress.
“Russia’s unprovoked invasion of Ukraine has further increased economic uncertainty,” said Yellen, who chairs the FSOC, during the Senate Banking Committee hearing.
Yellen said financial regulators will continue to monitor developments and “coordinate actions as the risks and threats evolve.”
Still, Yellen said the US financial system has “continued to function in an orderly manner.”
At the same time, Yellen conceded that valuations of some unspecified assets “remain high compared with historical values.”
Yellen also warned that overturning Roe v. Wade would have significant economic consequences, saying: “I believe that eliminating the right of women to make decisions about when and whether to have children would have very damaging effects on the economy and would set women back decades.”
“Roe v. Wade and access to reproductive healthcare, including abortion, helped lead to increased labor force participation,” Yellen said. “It enabled many women to finish school. That increased their earning potential. It allowed women to plan and balance their families and careers.”
The Treasury secretary added that research shows Roe v. Wade had a favorable impact on the wellbeing and even earnings of children.
Research makes clear that “denying women access to abortion increased their odds of living in poverty or need for public assistance.”
