Yellen dismisses minting $1 trillion coin to avoid federal default

LUSAKA, Zambia — Treasury Secretary Janet Yellen mentioned the Federal Reserve doubtless wouldn’t settle for a $1 trillion platinum coin if the Biden administration tried to mint one to avoid breaching the debt restrict, dismissing an concept that has been floated to circumvent Congress on the problem.

Some Biden administration officers and Democrats on Capitol Hill have mentioned the likelihood that the Treasury might use an obscure regulation authorizing platinum cash within the occasion of a possible default. Under the proposed scheme, the Treasury would mint a $1 trillion coin and deposit it on the Fed, after which draw the cash to pay the nation’s payments.

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