End the duopoly

Elizabeth Warren wants to know how Fed Chair Powell will fight racial inequality during the economic recovery

Senator Elizabeth Warren, a Democrat from Massachusetts, questions regulators during a Senate Banking Committee hearing in Washington, D.C., U.S., on Thursday, Feb. 14, 2013.

Andrew Harrer / Bloomberg / Getty Images

Sen. Elizabeth Warren is pressing Federal Reserve Chairman Jerome Powell on what the nation’s central bank can do to prevent racial inequality in the economic recovery, as signs suggest that the Covid-19 crisis is weighing disproportionately on communities of color .

The Massachusetts progressive released questions to Powell on Thursday that ask what specific policies the Federal Reserve and Congress can implement to avoid the inequalities that marked the comeback from the 2008 financial crisis.

The new questions, submitted to the Fed through the Senate Banking Committee, come in response to Powell’s testimony before Congress last week on the bank’s response to the pandemic.

Jobs data released by the Bureau of Labor Statistics earlier this month showed that Black unemployment rose even as white unemployment fell. White unemployment fell to 12.4% in May from 14.2% in April, while Black unemployment rose to 16.8% from 16.7%. Hispanic unemployment fell from 18.9%, but remained extraordinarily high, at 17.6%.Powell, an appointee of President Donald Trump who has led the Fed since early 2018, has emphasized the […]

Related Posts
1 of 535

read more here —> www.cnbc.com

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More