WASHINGTON — Janet Yellen, worried by the specter of inflation, initially urged Biden administration officials to scale back the $1.9 trillion American Rescue Plan by a third, according to an advance copy of a biography on the Treasury secretary.
“Privately, Yellen agreed with Summers that too much government money was flowing into the economy too quickly,” wrote Owen Ullmann, the book’s author and a veteran Washington journalist, referring to former Treasury Secretary Lawrence Summers, who severely criticized the size of the aid plan. The book is scheduled to be released on Sept. 27.
Yellen disputed the claims in a statement issued on Saturday.
