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Yellen warns of 'enormous' economic repercussions from Ukraine invasion
GOP lawmaker wants Yellen to admit ‘mea culpa’
Rep. David Kustoff, R-Tenn., calls out Treasury Secretary Janet Yellen for supporting big spending and creating ‘tremendous inflationary pressures.’
Treasury Secretary Janet Yellen on Wednesday warned of major consequences for the global economy as a result of the Russian-Ukraine war, including severe disruptions to the global flow of food and energy.
"Russia’s actions represent an unacceptable affront to the rules-based, global order, and will have enormous economic repercussions in Ukraine and beyond," Yellen said in prepared remarks during her annual testimony before the House Financial Services Committee.
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Her comments come as the U.S., European Union and Group of Seven coordinated new sanctions on Russia – including a U.S. ban on new investment in the country and fresh penalties targeting top Russian security officials and President Vladimir Putin's adult children – in response to reported Russian atrocities in the Ukrainian town of Bucha.