Yellen Warns Rolling Back Clean Energy Tax Credits Could Cost Families

U.S. Treasury Secretary Janet Yellen cautioned against reversing Biden's clean energy tax credits, stating it would increase costs for families and hinder U.S. manufacturing investments. She highlighted that $8.4 billion in credits have already helped reduce energy bills. Yellen criticized proposals to eliminate these credits, arguing they support economic growth and job creation.

U.S. Treasury Secretary Janet Yellen has issued a stern warning against any attempts to undo the Biden administration's clean energy tax credits. Speaking at North Carolina's Wake Tech Community College, Yellen said that such a move would escalate costs for families and threaten new investments in U.S. manufacturing that are vital for job creation.

Former President Donald Trump, a Republican presidential candidate, has vowed to rescind many of President Joe Biden's clean energy policies. Without naming Trump, Yellen described the elimination of the Inflation Reduction Act's clean energy tax credits as a 'historic mistake,' stressing that it would raise costs for working families and undermine manufacturing jobs nationwide.

Yellen emphasized the consumer savings and job growth arising from these investments, echoing Vice President Kamala Harris' economic strategies. Highlighting a strong U.S. recovery with 3% growth in Q2, Yellen noted that energy costs remain high. She pointed out that 90,000 North Carolina families have benefited from over $100 million in residential clean energy tax credits, illustrating the impact on local economies.

(With inputs from agencies.)