Yellen Promotes Investment in Rural Areas Through Broadband Project in Virginia

During her visit to Stafford County, Virginia on Monday, U.S. Treasury Secretary Janet Yellen will highlight the significance of investing in rural areas by touring a broadband infrastructure project financed by the $1.9 trillion COVID-19 relief package known as the American Rescue Plan. Nearly 700 households in the area have gained access to high-speed internet thanks to Biden’s legislation and his Coronavirus Capital Projects Fund (CPF). Yellen will attend a recently completed Comcast high-speed internet installation site in Fredericksburg and meet with local authorities and residents to discuss Biden’s initiatives to stimulate more investment in underdeveloped regions that have historically fallen behind more urban areas. President Joe Biden, a Democratic candidate for reelection this year, and his senior advisors have traveled extensively across the country to promote legislative measures designed to increase domestic manufacturing, enhance infrastructure, and reduce energy expenses. Despite persistent inflationary pressures, Yellen has repeatedly maintained that Americans should begin experiencing an improvement in their economic conditions as prices continue to diminish and salaries rise. Financial markets are preparing for the release of upcoming U.S. Inflation statistics, including the Producer Price Index (PPI) on Tuesday and the Consumer Price Index (CPI) on Wednesday. Comcast spokesman Kristofer Schneider revealed that the company has committed almost $900 million in technology and infrastructure to Virginia throughout the last three years, providing broadband services to thousands of individuals in the region. Nationwide, Comcast has invested $20 billion to boost its total network capacity fourfold and supply multi-gigabit services to 15 million homes and enterprises. According to Schneider, the rural expansion in Stafford County, situated approximately 70 miles south of Washington, was unveiled in September 2022 as part of a public-private partnership supported by the Commonwealth of Virginia’s Telecommunications Initiative (VATI) and the American Rescue Plan. (Reporting by Andrea Shalal; Editing by Chizu Nomiyama)