Treasury Secretary Yellen coming to Pittsburgh Tuesday to talk health care and the economy
WASHINGTON — Treasury Secretary Janet Yellen, chair of the federal committee reviewing Nippon Steel Corp.’s proposed purchase of U.S. Steel, is scheduled to visit Pittsburgh Tuesday, the agency said Monday.
Her visit comes to a state that could decide whether President Joe Biden or former President Donald Trump takes the oath of office next January. Most polls show a dead heat between both men in the state.
Atop Ms. Yellen’s agenda is health care and the economy, the Treasury Department said. But she also chairs the Committee on Foreign Investment in the United States, which is reviewing the almost $15 billion purchase of the iconic Pittsburgh-based steel manufacturer. The White House has called for “serious scrutiny” of the proposed agreement.
Ms. Yellen is supposed to have lunch with U.S. Sen. Bob Casey, D-Pa., who has joined U.S. Sen. John Fetterman, D-Pa., and U.S. Rep. Chris Deluzio, D-Aspinwall, in trying to block the deal.
Their concerns are that a foreign-owned U.S. Steel will threaten national security and the livelihoods of thousands of union members now employed by the company. The United Steelworkers union came out against the deal and filed grievances against the company.
Nippon has pledged to honor existing collective bargaining agreements, keep U.S. Steel’s headquarters in Pittsburgh and maintain the company’s name and branding.
The main purpose of Ms. Yellen’s visit, according to the Treasury Department, is to discuss President Joe Biden’s efforts to lower health care costs and improve the economy.
His climate change and health care law, known as the Inflation Reduction Act and passed over unanimous Republican opposition, requires drug companies to negotiate prices with Medicare, caps the price of insulin at $35 a month for Medicare recipients and increases subsidies to buy health insurance under the Affordable Care Act.
Ms. Yellen is to discuss health care at a roundtable with hospital leaders, health care providers and consumers following a tour of the Skin Cancer Center at West Penn Hospital. Then she is scheduled to talk about the economy at a Greater Pittsburgh Chamber of Commerce-sponsored roundtable with regional business leaders.
A series of indicators show an improving economy. The Federal Reserve’s preferred measure of inflation dipped below 3%; Pennsylvania gas prices dropped to $3.427 for a gallon of regular gasoline on Saturday, down from $3.733 a year earlier, according to AAA; the economy grew by 3.1% in 2023 and added 2.7 million jobs; and the University of Michigan Index of Consumer Sentiment rose 21.4% last year.
Still, a recent Franklin & Marshall College poll gave Mr. Trump a 10-point edge over Mr. Biden, 47% to 37%, when voters were asked which candidate was most prepared to handle the economy.