WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen met with several mayors at the U.S. Conference of Mayors to discuss the historic recovery and strength of the U.S. economy, in large part due to federal partnerships with state and local governments in implementing the American Rescue Plan and the President’s historic suite of legislation. During the conversation, Secretary Yellen underscored how the Biden Administration’s support for cities and states prevented the economic scarring seen after the 2008 Global Financial Crisis, with state and local government output growth recovered within only six quarters and employment fully recovered by December 2023 — less than half the time it took for these metrics of economic strength to recover following the Great Recession. Secretary Yellen also discussed opportunities the Inflation Reduction Act, Bipartisan Infrastructure Law, and CHIPS and Science Act created for cities and states to rebuild infrastructure, revitalize American manufacturing, and invest in clean energy.
Participants in this conversation included:
- Mayor Andrew Ginther, Columbus, OH
- Mayor David Holt, Oklahoma City, OK
- Mayor Kate Gallego, Phoenix, AZ
- Mayor Steven Reed, Montgomery, AL
At approximately 10:10 AM ET, Secretary Yellen will deliver remarks at the U.S. Conference of Mayors Winter Meeting on how the Biden Administration’s partnership with cities and states helped make historic legislation like the American Rescue Plan, Bipartisan Infrastructure Law, and Inflation Reduction Act successful and positioned local governments to build and strengthen their communities for the long term. A livestream of U.S. Conference of Mayors Winter Meeting will be available here.
Official news published at https://home.treasury.gov/news/press-releases/jy2025