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Bold Action Necessary to Recover from Coronavirus’ Economic Toll, Says Federal Reserve Bank of San Francisco President

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Photo of Federal Reserve Bank of San Francisco President Mary Daly courtesy the Commonwealth Club

June 16, 2020 — Mary Daly, president of the Federal Reserve Bank of San Francisco, said in a National Press Club live event on Monday that “bold action” was the only way to recover from the coronavirus’s economic impact.

Daly said that the passage of the CARES Act was an excellent step toward a hastened recovery. She also said that the Federal Reserve’s rate cuts played a crucial role in laying the groundwork for a return to normalcy.

“We… provided more direct lending to businesses and to state and local governments,” she said. “These actions have served to ease market pressures and ensure the smooth flow of funding and credit.”

However, she said that such actions would have to be sustained and consistent if employed in the future.

“One of the key lessons from history isn’t speed of action alone — it’s commitment to action,” she pointed out. “Whatever it takes over the long term is essential to ensuring a sustainable recovery.”

Daly urged policymakers to continue providing stimuli, adding that the Federal Reserve is not the only agency responsible for dealing with the nation’s monetary issues.

“We also need fiscal policymakers to commit to sustained investments in our economic future,” she said. “The need for this was evident before the crisis, and it’s even more evident [now].”

Daly also said that inclusivity in the allocation of funds was crucial, noting that lack of healthcare access as well as various structural barriers make it difficult for disadvantaged Americans to get ahead. The coronavirus offers a unique chance to fight this, she claimed.

“Inclusive growth is faster growth, and it will pay for itself in the long run,” she said.

Elijah Labby was a Reporter with Broadband Breakfast. He was born in Pittsburgh, Pennsylvania and now resides in Orlando, Florida. He studies political science at Seminole State College, and enjoys reading and writing fiction (but not for Broadband Breakfast).

Expert Opinion

Craig Settles: Libraries, Barbershops and Salons Tackle TeleHealthcare Gap

Craig Settles describes the important role that community institutions have played in promoting connectivity during the COVID-19 pandemic.

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Photo of Urban Kutz Barbershops owner Waverly Willis getting his blood pressure checked used with permission

June 16, 2020 — Mary Daly, president of the Federal Reserve Bank of San Francisco, said in a National Press Club live event on Monday that “bold action” was the only way to recover from the coronavirus’s economic impact.

Daly said that the passage of the CARES Act was an excellent step toward a hastened recovery. She also said that the Federal Reserve’s rate cuts played a crucial role in laying the groundwork for a return to normalcy.

“We… provided more direct lending to businesses and to state and local governments,” she said. “These actions have served to ease market pressures and ensure the smooth flow of funding and credit.”

However, she said that such actions would have to be sustained and consistent if employed in the future.

“One of the key lessons from history isn’t speed of action alone — it’s commitment to action,” she pointed out. “Whatever it takes over the long term is essential to ensuring a sustainable recovery.”

Daly urged policymakers to continue providing stimuli, adding that the Federal Reserve is not the only agency responsible for dealing with the nation’s monetary issues.

“We also need fiscal policymakers to commit to sustained investments in our economic future,” she said. “The need for this was evident before the crisis, and it’s even more evident [now].”

Daly also said that inclusivity in the allocation of funds was crucial, noting that lack of healthcare access as well as various structural barriers make it difficult for disadvantaged Americans to get ahead. The coronavirus offers a unique chance to fight this, she claimed.

“Inclusive growth is faster growth, and it will pay for itself in the long run,” she said.

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Health

Institutions Must Continue Riding Telehealth Growth Momentum for Post-Pandemic Care

Governments and health providers have an opportunity to carry the momentum of 2020 for telehealth’s future.

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Anthem President Gail Boudreaux

June 16, 2020 — Mary Daly, president of the Federal Reserve Bank of San Francisco, said in a National Press Club live event on Monday that “bold action” was the only way to recover from the coronavirus’s economic impact.

Daly said that the passage of the CARES Act was an excellent step toward a hastened recovery. She also said that the Federal Reserve’s rate cuts played a crucial role in laying the groundwork for a return to normalcy.

“We… provided more direct lending to businesses and to state and local governments,” she said. “These actions have served to ease market pressures and ensure the smooth flow of funding and credit.”

However, she said that such actions would have to be sustained and consistent if employed in the future.

“One of the key lessons from history isn’t speed of action alone — it’s commitment to action,” she pointed out. “Whatever it takes over the long term is essential to ensuring a sustainable recovery.”

Daly urged policymakers to continue providing stimuli, adding that the Federal Reserve is not the only agency responsible for dealing with the nation’s monetary issues.

“We also need fiscal policymakers to commit to sustained investments in our economic future,” she said. “The need for this was evident before the crisis, and it’s even more evident [now].”

Daly also said that inclusivity in the allocation of funds was crucial, noting that lack of healthcare access as well as various structural barriers make it difficult for disadvantaged Americans to get ahead. The coronavirus offers a unique chance to fight this, she claimed.

“Inclusive growth is faster growth, and it will pay for itself in the long run,” she said.

Continue Reading

Expert Opinion

Laura Miller: 7 Reasons Working From Home Might Be Here to Stay

As most of the business world scrambled to be productive in a remote existence, established work-from-home companies were left unscathed.

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The author of this Expert Opinion is TempDev CEO Laura Miller

June 16, 2020 — Mary Daly, president of the Federal Reserve Bank of San Francisco, said in a National Press Club live event on Monday that “bold action” was the only way to recover from the coronavirus’s economic impact.

Daly said that the passage of the CARES Act was an excellent step toward a hastened recovery. She also said that the Federal Reserve’s rate cuts played a crucial role in laying the groundwork for a return to normalcy.

“We… provided more direct lending to businesses and to state and local governments,” she said. “These actions have served to ease market pressures and ensure the smooth flow of funding and credit.”

However, she said that such actions would have to be sustained and consistent if employed in the future.

“One of the key lessons from history isn’t speed of action alone — it’s commitment to action,” she pointed out. “Whatever it takes over the long term is essential to ensuring a sustainable recovery.”

Daly urged policymakers to continue providing stimuli, adding that the Federal Reserve is not the only agency responsible for dealing with the nation’s monetary issues.

“We also need fiscal policymakers to commit to sustained investments in our economic future,” she said. “The need for this was evident before the crisis, and it’s even more evident [now].”

Daly also said that inclusivity in the allocation of funds was crucial, noting that lack of healthcare access as well as various structural barriers make it difficult for disadvantaged Americans to get ahead. The coronavirus offers a unique chance to fight this, she claimed.

“Inclusive growth is faster growth, and it will pay for itself in the long run,” she said.

Continue Reading

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