A Fed official who could be Biden’s Treasury secretary says Congress needs to pass stimulus to save the recovery
Federal Reserve Governor Lael Brainard issued a call Wednesday for more fiscal support from Congress, saying more stimulus is needed to address a recovery that has left out large parts of the economy.
“The recovery remains highly uncertain and highly uneven — with certain sectors and groups experiencing substantial hardship. These disparities risk holding back the recovery,” Brainard said remarks to the Society of Professional Economists.
Brainard has been touted as a potential Treasury secretary should Democrat Joe Biden win the presidential election. If that transpired, she would be the first woman to hold a position currently occupied by Steve Mnuchin.
Treasury Secretary Steve Mnuchin and House Speaker Nancy Pelosi continue to talk but remain deadlocked on several key issues such as aid to states and protecting businesses from liabilities associated with the coronavirus. Goldman Sachs projects that no deal will be reached before Election Day on Nov. 3.
Reference: CNBC
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