Atlanta Federal Reserve President Raphael kertic said Sunday he was “concerned” on the path to recovery from a coronavirus pandemic that could be uneven for various sectors of the US economy.
Although kertic acknowledged that the US was “recovering and re-emerging in a very strong way” in some areas, he warned that hotels, restaurants, and small businesses in the minority and low-income communities, especially , is “seeing more difficult situations.”;
“[The coronavirus] has put a wedge on our economy. And for all those in more dangerous situations, it has made them more insecure, “kertic told CBS” Face the Country. “” Those in distress are more depressed, while others don’t really feel that at all And I think it’s important to recognize that no matter what people experience, there are many other Americans out there who are struggling and on the sidelines. “
“Those are the segments where we don’t see that recovery, that’s really what I care about as we move forward,” he added.
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Kertic said he believes the Federal Reserve can support the Black community and other minority communities struggling with racial inequalities by being more willing to discuss the situation.
“First of all, we must recognize that there is a problem and we must be prepared to discuss it,” kertic said. “You know, my institution has long been unprepared to come out the front to talk about the importance of racial inequalities. I honestly think that’s a mistake. And what we see is more of me. colleagues who jump up and are willing to talk about it. “
In terms of policy action, Bostic believes the US needs to 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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Kertic is set to be a member of the Federal Open Market Committee voting 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 an assistant secretary for policy development and research at the Department of Housing and City Development, and reportedly considered for Treasury Secretary or Federal chairman Reserve in the administration of former vice president Joe Biden, he should have won the presidential election in 2020.
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He deviates from a question when he considers the offer, however, arguing that he has other priorities to consider.
“I had a pandemic. I had an economic crisis, and I had my own bank to worry about in terms of the policies we were making,” kertic said. “So I’ll let them play … as they can and we’ll just see how it 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 related deaths in the United States.
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