More action is needed from Congress and state and local governments to adequately address wealth and income inequalities, two Federal Reserve policymakers said on Monday.
The Fed is helping to raise awareness of racial disparities in income and wealth by bringing together businesses, nonprofits and banks to work on addressing inequality, New York Fed President John Williams said during a webcast discussion with lawmakers organized by the Congressional Black Caucus.
“What we really need is a really strong partnership where Congress and government at the federal state and local levels are doing their part on these issues… and we’re all working together,” Williams said.
Atlanta Fed President Raphael Bostic echoed those remarks and cited as an example that the Fed can offer loans but cannot provide grants to…