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Rep. Waters calls on Fed to do more to assist 'everyday Americans'

Written by Jasir Jawaid

Rep. Maxine Waters, D-Calif. and chair of the House Financial Services Committee, urged the Federal Reserve "to work creatively to address the needs of everyday Americans" instead of using its "old playbook" of flooding the funding markets with liquidity.

The Federal Reserve slashed its benchmark interest rate to effectively zero after an emergency meeting March 15 and restarted its quantitative easing program, among other moves, in an effort to limit the economic damage caused by the coronavirus pandemic.

(Maxine Waters)

"During this time of economic turbulence, it is critical that the Fed go beyond these steps and provide much-needed support to those who are on the front lines of this pandemic," Waters said in a statement.

As examples of institutions and individuals facing acute challenges, she cited state and local governments that may soon face funding pressures and workers who may see their hours cut, incomes reduced or jobs lost.

"While Congress works on a bold, fiscal stimulus package to help these individuals, I call on the Fed to reevaluate its response and work creatively to address the needs of everyday Americans," Waters concluded.

This article was published by S&P Global Market Intelligence on the S&P Capital IQ Pro platform.


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