Sec. Yellen Walks Back Biden’s Declaration that Taxpayers Will Cover the Cost of a New Key Bridge in Baltimore: ‘My Expectation Would Be that Ultimately There’ll Be Insurance Payments’

Mitchell We re now ░░░░░░░░ the Baltimore bridge collapse ░░░░░░░░ the potential impact on ░░░░░░░░ s economic supply chain ░░░░░░░░ major industries such as ░░░░░░░░ auto industry as well ░░░░░░░░ farm and construction equipment ░░░░░░░░ me now I am ░░░░░░░░ to say Treasury secretary ░░░░░░░░ Yellen Madam Secretary thank ░░░░░░░░ very much for coming ░░░░░░░░ our program today I ░░░░░░░░ you re in Georgia ░░░░░░░░ Thanks Mitchell we re ░░░░░░░░ to talk about your ░░░░░░░░ there in just a ░░░░░░░░ I wanted to first ░░░░░░░░ course ask you about ░░░░░░░░ collapse of a major ░░░░░░░░ Baltimore I think it ░░░░░░░░ the 9th largest port ░░░░░░░░ the U S Yellen ░░░░░░░░ Mitchell It s not ░░░░░░░░ to be open for ░░░░░░░░ potentially to shiping traffic ░░░░░░░░ don t really know ░░░░░░░░ From your purchase Treasury ░░░░░░░░ what is the cost ░░░░░░░░ you know the auto ░░░░░░░░ and others waiting for ░░░░░░░░ trucks and cars as ░░░░░░░░ as farm equipment that ░░░░░░░░ through that port with ░░░░░░░░ extended shutdown Yellen So ░░░░░░░░ let me say that ░░░░░░░░ thoughts are very much ░░░░░░░░ the victims of this ░░░░░░░░ And we re grateful ░░░░░░░░ due to quick thinking ░░░░░░░░ people on the bridge ░░░░░░░░ there wasn t more ░░░░░░░░ of life We are ░░░░░░░░ to evaluate now what ░░░░░░░░ impact may be of ░░░░░░░░ bridge collapse President Biden ░░░░░░░░ indicated that we will ░░░░░░░░ everything as quickly as ░░░░░░░░ we possibly can to ░░░░░░░░ the port which is ░░░░░░░░ you said one of ░░░░░░░░ most important in the ░░░░░░░░ States And we have ░░░░░░░░ supply chain task force ░░░░░░░░ actually we ll be ░░░░░░░░ this afternoon to review ░░░░░░░░ they know about the ░░░░░░░░ impact But we re ░░░░░░░░ this very closely and ░░░░░░░░ to take any steps ░░░░░░░░ can be helpful Mitchell ░░░░░░░░ the president said he ░░░░░░░░ the federal government he ░░░░░░░░ a pledge that the ░░░░░░░░ government will pay for ░░░░░░░░ bridge repair and recovery ░░░░░░░░ know there s a ░░░░░░░░ of money in the ░░░░░░░░ Reduction Act that s ░░░░░░░░ been appropriated but beyond ░░░░░░░░ will you need appropriations ░░░░░░░░ the taxpayers be on ░░░░░░░░ hook Yellen I m ░░░░░░░░ sure what the details ░░░░░░░░ We have money from ░░░░░░░░ bipartisan infrastructure laws that ░░░░░░░░ potentially be helpful My ░░░░░░░░ would be that ultimately ░░░░░░░░ ll be insurance payments ░░░░░░░░ part to cover this ░░░░░░░░ we don t want ░░░░░░░░ allow worrying about where ░░░░░░░░ financing is coming to ░░░░░░░░ up pre-construction.”