Testimony of Secretary of the Treasury Janet L. Yellen Before the Committee on Ways & Means, U.S. House of Representatives

As Prepared for DeliveryChairman Smith, Ranking Member Neal, and Members of the Committee: Thank you for the invitation to testify.The Biden Administration has driven a historic economic recovery over the past three years. GDP growth has been strong, growing 3.0 percent over the past four quarters. Inflation has decreased significantly since its peak, though we have more work to do. The labor market is also remarkably healthy, with the unemployment rate below four percent for the longest stretch in over 50 years. Real wages and household median wealth have increased since before the pandemic, and families are putting their additional income and accumulated savings back into the economy. Consumer sentiment is up 21 percent from one year ago.President Biden and I are taking additional actions to bring down the costs of key household expenses like energy, prescription drugs, and housing.