Atlanta Federal Reserve President Raphael Bostic said on Sunday he was “concerned” that the road to recovery from the coronavirus pandemic could be bumpy for different sectors of the US economy.
Although Bostic acknowledged that the United States “is recovering and recovering very robustly” in some areas, he warned that hotels, restaurants and small businesses in minority and low-income communities, in particular, are ”
“[The coronavirus] it has put a wedge in our economy. And for everyone who has been in more precarious situations, it has made them even more precarious, “Bostic told CBS’s” Face the Nation. “At all. And I think it’s important to recognize that whatever people are experiencing, they are there. many other Americans out there who are struggling and on the edge.
“Those segments where we’re not seeing that recovery, that’s really what worries 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 who are struggling with racial inequalities by being more willing to talk about the situation.
“First of all, we have to recognize that there is a problem and we have to be willing to talk about it,” said Bostic. “You know, my institute for a long time hasn’t been willing to come forward to talk about the importance of racial inequality. I actually think it was a mistake. And what we’re seeing are many other colleagues of mine jumping up and being willing to talk about this “.
In terms of political action, Bostic believes the US 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 to become 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 was reportedly considered for the Secretary of the Treasury or Federal Reserve Chairman in the administration of former Vice President Joe Biden, is expected to win the 2020 presidential election.
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He deflected a question as to whether he had considered the offer, however, arguing that he currently has other priorities to think about.
“I have a pandemic. I have an economic crisis and I have to worry about my bank in terms of the policies we are doing,” Bostic said. “So I’ll let things unfold … how they go and we’ll just see how it goes.”
According to the latest update from 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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