Jerome Powell on economic inequality
From LIVE: Jerome Powell and Steven Mnuchin testify before the Senate Banking Committee · · Reuters
“The economic downturn has not fallen equally on all Americans and those least able to bear 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 service sector for women and for african-americans and hispanics.”
On , Jerome Powell, Chair at Federal Reserve of the United States, spoke about economic inequality during LIVE: Jerome Powell and Steven Mnuchin testify before the Senate Banking Committee on Reuters.
About Jerome Powell
Jerome Powell, the former chair of the U.S. Federal Reserve, received the 2026 John F. Kennedy Profile in Courage Award in May 2026 at a ceremony in Boston. In his acceptance speech, Powell said the Federal Reserve had been undergoing a "stress test," and warned against political interference in monetary policy. He stated that the Fed makes its decisions based on economic analysis and does not "take into account the fortunes of any political party or politician in making those decisions." Powell argued that legal protections insulating the Fed from political pressure have served the public well, and said that "if any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well," adding that the Fed's credibility would be lost. Powell’s eight-year term as Fed chair ended on May 15, 2026. He announced during an April FOMC press conference that he would remain on the Board of Governors for an unspecified period, saying his decision was driven by concerns over "legal attacks on the Fed" by the administration. He stated he planned to keep "a low profile" and that Kevin Warsh, once confirmed and sworn in, would be the new chair. In his last FOMC press conference, the committee held interest rates steady, noting that inflation was elevated in part due to rising global energy prices and citing a high level of uncertainty in the economic outlook.