Secretary of the Treasury Janet L. Yellen delivered remarks in Stafford County, Virginia on May 10, 2024. She expressed gratitude to those present and began by reflecting on the American Rescue Plan enacted by President Biden in March 2021 during the height of the COVID pandemic. The plan offered critical support to states, cities, and counties which enabled them to address urgent needs such as expanding public health services and ensuring housing and business continuity.
Yellen highlighted that the American Rescue Plan not only drove a historic recovery but also fueled investments set to boost the economy’s prospects over the medium- and long-term when combined with other legislation such as the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act.
She acknowledged that despite an expanding economy, a healthy labor market, and significantly reduced inflation rates from their peak, everyday costs remain high for many Americans. Addressing these costs is reportedly a top economic priority for President Biden.
The Secretary expressed optimism about future economic strength while stating that efforts are underway to lower key household expenses like energy and healthcare. She believes inflation will continue to decrease while maintaining a strong economy.
She then turned her attention to broadband internet access—an administration-wide priority—with a goal of connecting every American by 2030. Yellen explained how this fits into their agenda to expand the economy’s capacity while increasing opportunities for underserved communities.
Yellen discussed how federal funds have been allocated towards expanding high-speed internet infrastructure. She cited Virginia’s decision to spend its entire allocation from the American Rescue Plan’s Capital Projects Fund on expanding high-speed internet access across the state—a move mirrored by other localities using funds from ARP’s State and Local Fiscal Recovery Funds program.
Furthermore, she mentioned that the Bipartisan Infrastructure Law’s Broadband Equity, Access, and Deployment Program (BEAD) provides $42.5 billion—the largest investment for internet in history—which will mean an additional nearly $1.5 billion for high-speed internet in Virginia.
Yellen highlighted the importance of partnerships between all levels of government, private companies, and non-profits in closing the digital divide—a key aspect of President Biden’s economic agenda to Invest in America.
She underscored that investing in internet access creates jobs and boosts productivity and growth. The Secretary also stressed that high-speed internet is no longer a luxury but an economic necessity crucial to participating in and benefiting from the economy.
In her concluding remarks, Yellen emphasized that what was happening in Virginia was reflective of nationwide changes positively impacting individuals and families. She described it as an example of the Biden Administration’s broader agenda: to build on their historic recovery and drive inclusive growth for every American.
