Pelosi Statement on Federal Reserve Chairman Calling for Robust Coronavirus Relief

October 6, 2020
Press Release

Washington, D.C. – Speaker Nancy Pelosi issued this statement after Chairman of the Federal Reserve Jerome Powell warned of severe and ongoing risks to the economy if a robust coronavirus relief package is not passed:

“Chairman Powell’s warning could not be more clear: robust action is immediately needed to avert economic catastrophe from the devastation of the coronavirus pandemic.  As the Chairman stated, ‘Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses.  Over time, household insolvencies and business bankruptcies would rise, harming the productive capacity of the economy, and holding back wage growth.  By contrast, the risks of overdoing it seem, for now, to be smaller.  Even if policy actions ultimately prove to be greater than needed, they will not go to waste.’

“More than 210,000 Americans have died, over 7.5 million have been infected and countless millions have lost jobs and financial security.  It is long overdue for Republicans to join us in passing a bill that meets the needs of the American people by protecting our heroes, crushing the virus and putting money in the pockets of workers.”