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Yellen: Banning abortion would be ‘very damaging’ to U.S. economy

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Treasury Secretary Janet Yellen testifies at a Senate Banking Committee hearing Tuesday. | Elizabeth Frantz/Pool via AP

By Victoria Guida

05/10/2022 11:07 AM EDT

Treasury Secretary Janet Yellen on Tuesday argued that banning abortion would be “very damaging” for the economy by reducing women’s ability to balance their careers and their families.

“I believe that eliminating the right of women to make decisions about when and whether to have children would have very damaging effects on the economy and would set women back decades,” she said in response to a question at a Senate Banking Committee hearing.

The disclosure of a draft Supreme Court decision that would overturn Roe v. Wade , the landmark case that guaranteed federal constitutional protections of abortion rights, has set off a firestorm across the country as people grapple with the possibility that terminating a pregnancy could become illegal in some states.In her comments, Yellen said the 1973 ruling helped allow women to finish school and increase their earning potential, leading to higher participation in the workforce.“Research also shows that it had a favorable impact on the well-being and earnings of children,” she said. “There are many research studies that have been done over the years looking at […]

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