Janet Yellen says Biden administration won't propose policies to hurt firms

The House Committee on Financial Services hearing on the oversight of the Treasury Department's and Federal Reserve's pandemic response begins.Federal Reserve Board Chairman Jerome Powell and Treasury Secretary Janet Yellen have already issued their prepared remarks, both saying that even with the progress made through fiscal and monetary policies in supporting the economy, there's still a long way to go.First up is Yellen, who makes her first appearance in Congress in her role of Treasury Secretary, in presenting her remarks.Update at 12:20 PM ET: "There were — and still are — some very deep pockets of pain in the data," in the data Yellen said, pointing out that one-in-10 homeowners with a mortgage are behind on payments and one-in-five renters are late behind on rent.In Powell's prepared statement: "The worst was avoided by swift and vigorous action" from both Congress and the Fed."The recovery has progressed more quickly than generally expected and