Yellen to visit Cleveland to tout Biden efforts to revive U.S. manufacturing
2022.10.26 16:29
© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen participates in a discussion at the annual Freedman’s Bank Forum at the Treasury Department in Washington, U.S., October 4, 2022. REUTERS/Michael A. McCoy
(Reuters) – U.S. Treasury Secretary Janet Yellen will travel to Cleveland on Thursday to promote the Biden administration’s economic initiatives aiming to revive U.S. manufacturing, especially in overlooked cities, the Treasury said.
In the latest of a series of campaign-influenced economic speeches ahead of Nov. 8 U.S. congressional elections, Yellen will discuss the growth of Ohio manufacturing brought about by recent legislation enabling hundreds of billions of dollars’ worth of investments in infrastructure, semiconductors, research and clean energy technology.
Yellen will join Senator Sherrod Brown, an Ohio Democrat, to deliver at the opening of the Manufacturing Advocacy and Growth Network (MAGNET), a Cleveland-based non-profit incubator for small and midsized manufacturers.
She also will hold a roundtable discussion with Cleveland-area manufacturers, the Treasury said.
Among investments she is planning to highlight are Intel Corp (NASDAQ:)’s planned semiconductor manufacturing plant, an initial $20 billion investment that could grow to $100 billion to become the world’s largest chip facility.
Yellen also plans to discuss over $100 billion in private sector funding for electric vehicle production, battery factories, and charging infrastructure made possible by infrastructure and clean energy legislation.
Yellen met with clean power and utility trade groups on Wednesday in the first of several meetings with industry, environmental and labor stakeholders to collect input on the Treasury’s work to develop detailed guidance on some $270 billion worth of clean energy tax credits, including local content and prevailing wage rate requirements.
