Atlanta Federal Reserve President Rafael Bostic said on Sunday that he was “concerned” that the road to recovery from the coronavirus pandemic could be unequal for various sectors of the US economy.
Although Bostic acknowledged that the United States is “recovering and recovering in a very strong way” in some areas, he warned that hotels, restaurants and small businesses, especially in communities with minorities and lower incomes, “see much more difficult situations. “
“[The coronavirus] has put a wedge in our economy. And for all those who have been in more precarious situations, that has made them even more precarious, “Bostic told CBS”
“Those segments where we don’t see this recovery really excite me as we move forward,” he added.
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Bostic said he believed the Federal Reserve could support the community of blacks and other minority communities struggling with racial inequality by being more willing to talk about the situation.
“First of all, we have to admit that there is a problem and we have to be ready to talk about it,” Bostic said. “You know, my institution has long been reluctant to come forward to talk about the importance of racial inequalities. In fact, I think that’s a mistake. And what we see is that a lot more of my colleagues are jumping in and wanting to talk about this. “
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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In 2021, Bostic will be a member of the Federal Open Market Committee with voting rights; The FOMC makes key decisions about 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 is reportedly considered the Secretary of the Treasury or Chairman of the Federal Reserve in the former administration. Vice President Joe Biden, he won the 2020 presidential election.
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He declined to consider whether he had considered the offer, arguing that there were other priorities to consider at the moment.
“I have a pandemic. I have an economic crisis and I have my own bank to worry about in terms of the policies we are pursuing,” Bostic said. “So I’m going to let things play out … as they happen and we’ll just see how that happens.”
According to the latest update from Johns Hopkins University, there are more than 8.1 million confirmed cases of coronavirus and more than 219,000 deaths in the United States.
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