Testimony of Secretary of the Treasury Janet L. Yellen Before the Committee on Financial Services, U.S. House of Representatives

As Prepared for DeliveryChairman McHenry, Ranking Member Waters, and Members of the Committee: Thank you for the invitation to testify in my capacity as Chair of the National Advisory Council on International Monetary and Financial Policies.The United States built the international financial institutions 80 years ago with our allies and partners. Today, U.S. leadership at them is essential to our national and economic security.We work through the multilateral development banks to fight poverty and drive sustainable and inclusive growth, strengthening developing and emerging markets that are key trade and investment partners for the United States and addressing global challenges such as climate change, pandemics, and conflict and fragility that threaten to undermine global economic growth. The International Monetary Fund provides crucial support to countries to help resolve debt problems, minimize negative spillovers to the global economy, strengthen governance, and restore growth.These institutions’ strong balance sheets make U.S.