Originally posted by the Voice of America.
Voice of America content is produced by the Voice of America,
a United States federal government-sponsored entity, and is in
the public domain.


US Federal Reserve Chairman Warns of Extended Recession

VOA News

   U.S. Federal Reserve Chair Jerome Powell warned Wednesday of the threat
   of a prolonged recession resulting from the viral outbreak. He urged
   Congress and the White House to act further to prevent long-lasting
   economic damage.
   Speaking in Washington, Powell said that while efforts to provide
   relief by both the Federal Reserve and Congress have helped, the
   uncertainty of the pandemic threatens to drive a deeper and longer
   recession, which could have lasting damage to the nation's economic
   productivity.
   "Avoidable household and business insolvencies can weigh on growth for
   years to come," he said.
   Powell said additional rescue aid from Congress, though costly, would
   be "worth it if it helps avoid long-term economic damage and leaves us
   with a stronger recovery." He said that is a decision for "our elected
   representatives who wield powers of taxation and spending."