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Yellen deputy Adeyemo on track for quick confirmation

Yellen deputy Adeyemo on track for quick confirmation
© Greg Nash

Wally AdeyemoWally AdeyemoDemocrat slams Yellen for failing to appear at hearing Treasury announces COVID-19 relief oversight office On The Money: Social Security gives IRS data for COVID-19 relief checks | Senate passes bill heading off Medicare cuts MORE appears on track for a swift, uncontroversial Senate confirmation as the first Black deputy Treasury secretary following a laudatory reception at the Senate Finance Committee on Tuesday.

Both Democrats and Republicans in the confirmation hearing praised Adeyemo’s experience, which consists of a mix of private and public sector jobs.

“Wally Adeyemo is an ideal choice to serve as deputy secretary,” Finance Committee Chairman Ron WydenRonald (Ron) Lee WydenNew Alzheimer's drug sparks backlash over FDA, pricing The Hill's Morning Report - Presented by Facebook - Bipartisan group reaches infrastructure deal; many questions remain Senate panel advances nominations for key Treasury positions MORE (D-Ore.) said at the hearing, pointing to Adeyemo’s domestic and international economic experience, and his previous experience with the Finance Committee itself.

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Adeyemo would serve as Treasury Secretary Janet YellenJanet Louise YellenWhy the Democrats need Joe Manchin On The Money: Democrats wary of emerging bipartisan infrastructure deal, warn of time crunch New report reignites push for wealth tax MORE's deputy. Yellen, the first woman to serve as Treasury secretary, was confirmed with strong bipartisan support in a 84-15 vote in late January.

Ranking member Mike CrapoMichael (Mike) Dean CrapoSenate passes long-delayed China bill To address labor shortages, Congress should try a return-to-work bonus Some US billionaires had years where they paid no taxes: report MORE (R-Idaho) was also quick to note Adeyemo’s extensive experience, noting his private sector work with BlackRock, and his years at Treasury and the National Economic Council and his work representing American economic interests at major international confabs and trade negotiations.

Crapo also praised his past efforts at bipartisanship, and pressed him to extend those efforts under the Biden administration.

“COVID relief is just one example of an area where the deputy secretary has played an active role in the past toward bipartisan solutions, and I look forward to working with you, Mr. Adeyemo, to achieve that same result this time as we move forward,” he said.

Sen. Chuck GrassleyChuck GrassleyHouse unveils antitrust package to rein in tech giants Iowa governor questions lack of notice on migrant children flights to Des Moines Senate crafts Pelosi alternative on drug prices MORE (R-Iowa), the committee's former chairman, said that while he had policy disagreements with Adeyemo, his qualifications merited confirmation.

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In her first hearing as a committee member, Sen. Elizabeth WarrenElizabeth WarrenMark Cuban: ProPublica 'not being honest' about taxes on wealthy On The Money: Bipartisan Senate group rules out tax hikes on infrastructure | New report reignites push for wealth tax New report reignites push for wealth tax MORE (D-Mass.) noted Adeyemo’s role as the first chief of staff at the Consumer Financial Protection Bureau, her brainchild, “where he worked miracle after miracle.”

The adulation didn’t stop Warren from pressing Adeyemo on using the Financial Stability Oversight Council to address economic inequality.

Adeyemo would only promise to use “all the tools of the Treasury Department,” and deferred to Yellen without making a specific commitment.

At the hearing, Adeyemo also addressed questions on trade, sanctions on China, climate and racial inequality.

His answers followed the Biden administration's approach of engaging allies to form stronger multilateral approaches on international issues, and whole-of-government responses to issues such as climate change and racial inequality.