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Yellen Sets Out Rough Timeline for Congress on Global Tax Deal

July 11, 2021, 11:09 AM

U.S. Treasury Secretary Janet Yellen began to put a timeline on when the Biden administration hopes Congress can take up two key portions of a global tax agreement endorsed Saturday by Group of 20 finance ministers in Venice.

Speaking to the press on Sunday, Yellen declined, however, to signal whether she believes part of the plan will require a two-thirds vote in the Senate, an impossible hurdle unless Republicans come round to supporting the deal.

Yellen reiterated that she hoped Congress would approve the portion of the deal that would impose a global minimum tax rate on corporations of at ...