Atlanta Federal Reserve Chairman Raphael Bostic said on Sunday he “feared” that the road to recovery from the coronavirus pandemic was uneven for different sectors of the U.S. economy.
Although Bostic acknowledged that the United States is “recovering and rebounding in a very robust fashion” in some areas, he warned that hotels, restaurants and small businesses in minority and low-income communities, in particular, “are experiencing much more difficult situations. “
“[The coronavirus] put a wedge in our economy. And for all those who have been in more precarious situations, it has made them even more precarious, “Bostic told CBS” Face the Nation. “Those who have been in distress are in much more distress, while d others don’t really feel it. at all. And I think it’s important to recognize that whatever people are going through, there are a lot of other Americans who are struggling and are on the edge. “
“These segments where we don’t see this recovery is really what concerns me as we move forward,” he added.
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Bostic said he believes the Federal Reserve can support the black community and other minority communities struggling with racial inequality by being more willing to speak out about the situation.
“First of all, we have to recognize that there is a problem and we have to be prepared to talk about it,” Bostic said. “You know, my institution has not been willing for a long time to be forward to talk about the importance of racial inequalities. I actually think that’s a mistake. And what we see is that a lot more of my colleagues jump in and be ready to talk about it. “
In terms of political action, Bostic believes that the United States must create opportunities for better education and training and ensure that all Americans have access to capital and can participate in the economy.
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Bostic is expected to be a voting member of the Federal Open Market Committee in 2021; the FOMC makes key decisions on interest rates and economic growth.
He previously served in the Obama administration from 2009 to 2012 as Assistant Secretary for Policy Development and Research in the Department of Housing and Urban Development, and would be considered Secretary of the Treasury or Chairman of the Federal Reserve in the administration of former Vice President Joe Biden. he wins the 2020 presidential election.
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He deflected the question of whether he had considered the offer, however, arguing that he currently had other priorities to consider.
“I have a pandemic. I have an economic crisis, and I have to worry about my own bank in terms of the policies that we are implementing,” Bostic said. “So I’m going to let things unfold … as they will and we’ll just see how it goes.”
According to Last update by Johns Hopkins University, there are more than 8.1 million confirmed cases of the coronavirus and more than 219,000 related deaths in the United States.
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