Treasury secretary nominee Janet Yellen urged Congress to "act big" in the next coronavirus stimulus package to help fight the pandemic-induced recession during her confirmation hearing on Tuesday before the Senate Finance Committee. "Without further action, we risk a longer, more painful recession now — and long-term scarring of the economy later," Yellen said. Yellen also said in her prepared testimony that the trillion-dollar relief packages passed last spring, along with the $900 billion added last month, were effective in "averting a lot of suffering." Yellen is expected to be confirmed without much trouble. She will be the first woman to serve as U.S. treasury secretary.

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