2020 Testimony
Chair Jerome H. Powell
CARES Act Testimony
December 2020
("The economic downturn has not fallen equally on all Americans, and those least able to shoulder the burden have been hardest hit. In particular, the high level of joblessness has been especially severe for lower-wage workers in the services sector, for women, and for African Americans and Hispanics. The economic dislocation has upended many lives and created great uncertainty about the future.")
Chair Jerome H. Powell
CARES Act Testimony
September 2020
("The downturn has not fallen equally on all Americans; those least able to bear the burden have been the most affected. The rise in joblessness has been especially severe for lower-wage workers, for women, and for African-Americans and Hispanics. This reversal of economic fortune has upended many lives and created great uncertainty about the future.")
Sheila Clark, Program Director, Office of Diversity and Inclusion
Diversity and Inclusion Testimony
September 2020
("The Board of Governors of the Federal Reserve System (Board) is deeply committed to an inclusive workplace and a diverse workforce, as well as to fostering diversity in our own procurement practices and those at the institutions we regulate. Diverse perspectives inspire the best ideas, lead to the best decisions, and advance the Federal Reserve's mission in service to the public. We continue to work toward increasing diversity and inclusion at all levels of the Board; promoting fair inclusion and utilization of minority- and women-owned businesses in the Board's procurement process; and supporting transparency and awareness of diversity policies and practices at regulated institutions.")
Chair Jerome H. Powell
Coronavirus and CARES Act
June 2020
("…we are keeping in mind that more than 20 million Americans have lost their jobs, and that the pain has not been evenly spread. The rise in joblessness has been especially severe for lower-wage workers, for women, and for African Americans and Hispanics. This reversal of economic fortune has caused a level of pain that is hard to capture in words as lives are upended amid great uncertainty about the future.")
Chair Jerome H. Powell
Semiannual Monetary Policy Report to the Congress
June 2020
("The burden of the downturn has not fallen equally on all Americans. Instead, those least able to withstand the downturn have been affected most. As discussed in the June Monetary Policy Report, low-income households have experienced, by far, the sharpest drop in employment, while job losses of African Americans, Hispanics, and women have been greater than that of other groups. If not contained and reversed, the downturn could further widen gaps in economic well-being that the long expansion had made some progress in closing.")
Chair Jerome H. Powell
Coronavirus and CARES Act
May 2020
("All of us are affected, but the burdens are falling most heavily on those least able to carry them.")
Chair Jerome H. Powell
Semiannual Monetary Policy Report to the Congress
February 2020
("The unemployment rate was 3.6 percent last month and has been near half-century lows for more than a year. Job openings remain plentiful. Employers are increasingly willing to hire workers with fewer skills and train them. As a result, the benefits of a strong labor market have become more widely shared. People who live and work in low- and middle-income communities are finding new opportunities. Employment gains have been broad based across all racial and ethnic groups and levels of education. Wages have been rising, particularly for lower-paying jobs.")