Atlanta Federal Reserve President Raphael Bostic said Sunday that he is “concerned” that the road to recovery from the coronavirus pandemic may be uneven in various sectors of the U.S. economy.
Although Bostic acknowledged that the United States “is recovering and returning in a very robust manner” in some areas, he warned that hotels, restaurants and small businesses, especially minorities and low-income communities, “see much more difficult situations.”
“[The coronavirus] has put a wedge in our economy. And for all those who have been in more insecure situations, it has made them even more insecure, “Bostic told CBS ‘” Face the Nation. ” “” Those who have been in need are in far more need, while others do not 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 edge. “
“The segments where we do not see that recovery, that’s really what I’m worried about 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 inequalities by being more willing to talk about the situation.
“First of all, we have to acknowledge that there is a problem and we have to be willing to talk about it,” Bostic said. “You know, my institution has not been willing for a long time to talk about the importance of racial inequalities. I actually think it has been a mistake. And what we are seeing is that many more of my colleagues jump up and be willing to talk about it. “
In terms of political action, Bostic believes the United States needs to create opportunities for better schooling and education 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 important decisions on interest rates and economic growth.
He previously served in the Obama administration from 2009 to 2012 as Assistant Secretary of State for Development and Research at the Department of Housing and Urban Development and is reportedly considered as Treasury Secretary or Federal Reserve Chairman of the former Vice President Joe Biden’s administration if he wins the 2020 presidential election .
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He dismissed a question as to whether he had considered the offer, but argued that he currently has other priorities to think about.
“I have a pandemic. I have an economic crisis and I have my own bank to worry about in terms of the policies we make,” Bostic said. “So I want to let things play … the way they want to, 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 coronavirus and more than 219,000 related deaths in the United States.
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