Although they entered the mainstream about 20 years ago, electric vehicles (EVs) have been around for a long time.
Ferdinand Porsche was developing EVs over 125 years ago. There are few automakers with a name as legendary as Porsche. Many of their sports cars are in such high demand that they often sell for well above MSRP. If any company could build an EV sports car that enthusiasts want to own, it woudl be porsche. Though, that isn’t the case with Taycan sales down 22% last year.
Porsche is not alone in their struggle to find EV sports car buyers. Ferrari and Lamborghini are also delaying the launch of their EV sports cars. These are iconic manufacturers with millions of loyal fans all around the world. You would think that buyers would be beating down the dealership doors right now to get their hands on an EV sports car built by either Porsche, Ferrari, or Lamborghini.
EVs can be blindingly quick. The 1,234-horsepower Lucid Air Sapphire can hit 60 mph in less than two seconds, run the quarter mile in nine seconds, and has a top speed over 200 mph. Even the most jaded performance car enthusiast must admit those are staggering numbers. The lack of EV sports car demand can’t be chalked up solely to a lack of performance. In fact, it can’t be attributed to any one thing.
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Are Fast American cars More Reliable than a Miata?
You might be surprised to learn that some classic American muscle cars are more reliable than the Mazda MX-5 Miata. Here’s why.
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Janet Yellen and the U.S. Department of the Treasury
Table of Contents
Janet Yellen currently serves as the 70th and current United States Secretary of the Treasury, a position she has held since January 26, 2021. Her tenure is marked by navigating significant economic challenges, including inflation, supply chain disruptions, and the economic fallout from the COVID-19 pandemic and the war in Ukraine.
Yellen’s career spans academia, economic policy, and public service. Before her current role, she served as Vice Chair of the Federal Reserve under Chair Jerome Powell from 2014 to 2018, and as Chair of the Federal Reserve from 2014 to 2018 – the first woman to hold that position. She previously served as President and CEO of the Federal Reserve Bank of San Francisco from 2004 to 2010. Her academic background includes a Ph.D. in Economics from yale University and a long career as a professor at the University of California,Berkeley.
On January 19, 2024, Secretary Yellen testified before the House Financial Services Committee regarding the state of the U.S. economy and the Treasury’s priorities.
key Policy Initiatives Under Secretary Yellen
As Secretary of the Treasury, Yellen has focused on several key policy initiatives. These include implementing the provisions of the American Rescue Plan, promoting economic equity, addressing climate change, and strengthening the U.S. financial system.
A central focus has been on reducing inflation.The Treasury has worked with the Federal Reserve and other agencies to address supply chain bottlenecks and increase domestic production. yellen has also advocated for policies to lower costs for families, such as prescription drug price reform. In December 2023, the Treasury announced actions to lower energy costs for American families by increasing domestic clean energy production.
Yellen has also championed efforts to address climate change, viewing it as a systemic risk to the financial system. The treasury is working to mobilize private capital for clean energy investments and to promote lasting finance. On November 22, 2023, the Treasury released guidance on the Inflation Reduction Act’s clean energy tax credits.
The U.S. Department of the Treasury
The U.S. Department of the Treasury is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. Established in 1789 by Alexander Hamilton, the Treasury’s core functions include managing government revenue, paying bills and debts, and formulating economic policy.
The Treasury oversees a wide range of bureaus and agencies,including the Internal Revenue Service (IRS),the Bureau of the Fiscal Service,the Financial Crimes Enforcement Network (FinCEN),and the Office of the Comptroller of the Currency (OCC). The treasury also plays a key role in international financial institutions such as the International Monetary Fund (IMF) and the World Bank. The Treasury’s official website provides detailed information on its functions and programs: https://home.treasury.gov/.
In fiscal year 2023, the Treasury collected approximately $4.44 trillion in revenue, according to the Daily Treasury Statement. This revenue was used to fund a wide range of government programs and services.
Several institutions and officials are closely linked to Janet Yellen and the U.S. Department of the Treasury. These include:
- Federal reserve System: The central bank of the United States, with which Yellen previously served as vice Chair and Chair. https://www.federalreserve.gov/
- Jerome Powell: The current Chair of the Federal Reserve. https://www.federalreserve.gov/about/leadership/jerome-powell.htm
- International Monetary Fund (IMF): The Treasury works closely with the IMF on global economic issues. https://www.imf.org/
- Internal Revenue Service (IRS): A bureau of the Treasury responsible for tax collection and enforcement. https://www.irs.gov/
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