In a prepared speech to Wall Street and business executives at the Economic Club of New York Thursday afternoon, Yellen promoted Biden administration policies designed to spur U.S. economic competitiveness.

She said the U.S. ought to respond “when foreign subsidies threaten the viability of domestic firms" in strategic sectors like green energy. There is particular concern that China’s green energy products will undermine massive climate-friendly investments made through the Democrats’ Inflation Reduction Act that President Joe Biden signed into law in August 2022.

READ MORE: Yellen says China's trade policies could 'interfere significantly' with US bilateral relationship