Yellen Defends Clean Energy Tax Credits against Repeal Threats

U.S. Treasury Secretary Janet Yellen cautioned against efforts to rescind Biden's clean energy tax credits, citing potential cost increases for families and risks to job-creating investments in U.S. manufacturing. She emphasized the importance of these credits in lowering energy bills and countering Chinese investments in clean energy.

In a speech delivered in Raleigh, North Carolina, U.S. Treasury Secretary Janet Yellen warned that rolling back Biden administration's clean energy tax credits would escalate costs for American families and jeopardize new manufacturing investments creating jobs.

Yellen's remarks highlighted that families across the nation had already claimed $8.4 billion in energy tax credits, reducing their long-term energy bills. Despite Republican candidate Donald Trump's pledge to rescind these rules, Yellen stressed that rescinding these credits would be a 'historic mistake' aggravating costs for working families.

She also noted that such a roll-back could advantage China, which is heavily investing in clean energy. The Biden administration is poised to announce final implementation plans to protect domestic clean energy industries from Chinese competition, further underscoring the importance of these tax credits. Recent polling shows a close race between Vice President Kamala Harris and Trump in North Carolina, where Yellen unveiled this critical economic stance.

(With inputs from agencies.)