Janet Yellen says the Fed will not produce a $1 trillion Treasury platinum coin to keep the US from a debt default.
There has been a #MintTheCoin plan, where the White House would have the US Mint issue a $1 trillion platinum coin. This then would be deposited at the Federal Reserve. Then, the Biden admin could withdraw money to pay the government.
"It truly is not by any means to be taken as a given that the Fed would do it, and I think especially with something that's a gimmick," Treasury Secretary Yellen said.
"The Fed is not required to accept it, there's no requirement on the part of the Fed. It's up to them what to do," said Yellen.
Yellen has said that the debt ceiling had been reached. She also said: "Failure to meet the government's obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability."
Janet Yellen says the Fed will not produce a $1 trillion Treasury platinum coin to keep the US from a debt default
1/24/2023
