Crapo: The latest OEC guidance confirms the administration has agreed to allow foreign countries to collect US GILTI revenue, and worse, tax US companies on their US profits, in violation of our existing tax treaties.

Yellen: I can reassure the members of the committee that our banking system is sound, and that Americans can feel confident that their deposits will be there when they need them.

Yellen: In January 2021, our country was in the middle of an economic calamity, triggered by the coronavirus pandemic. But congress and the president took decisive action through the American Rescue Plan, and our vaccination campaign, and today, our unemployment rate is near historic lows.

Yellen: We have proposed a minimum income tax of twenty-five percent on taxpayers with wealth in excess of one hundred million dollars. We have also proposed an increase of the corporate tax rate to twenty-eight percent, from the current twenty-one percent. And it will come as no surprise that I hope congress will implement the United States' part of the Global Minimum Tax Deal.

Yellen seemed to be reading her answers, as if the dialogue between her and Wyden was totally scripted.

Yellen: The debt ceiling simply must be raised.

Yellen: There was a run on the bank [SVB]…there was a massive withdraw of deposits that led to liquidity problems. The bank had to be closed for that reason.

Grassley: What you say about the Inflation Reduction Act, reducing inflation, within the last three weeks, the CBO says it increased inflation.

Cornyn: Real average hourly earnings, the cash earnings of all workers, adjusted for inflation, declined last month, and are down over the last year. In other words, because of inflation, workers have gotten a pay cut.

Cassidy: Is [Biden] aware that when social [security] goes broke in nine years, under current law,. there's a twenty-four percent cut in benefits for people who are currently receiving?

Yellen: If we don't do anything about it, I think that's about right, but [Biden] wants to strengthen social security…

Cassidy: The 4.5 trillion in taxes he has proposed, not a dime is going to shore up social security. ..why doesn't [Biden] care?

Yellen: He cares very deeply.

Cassidy: Then where is his plan?

Yellen: He stands ready to work with congress…

Cassidy: That's a lie. Because when a bi-partisan group of senators has repeatedly requested to meet with him about social…we have not heard anything on our request.