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04.10.20

President Shearon and Union Presidents Voice Workers' Priorities on Call to Fed Reserve Board of Governors

This Thursday, AFL-CIO President Richard Trumka led a labor teleconference with Federal Reserve Board Chairman Jerome Powell and the central bank's Board of Governors. The call was an opportunity for Labor to provide feedback on the Fed's efforts to help prop-up the economy during the pandemic and to focus their attention on the unfolding impact on workers, families, industries, and regional economies. The conversation occurred on the same day the Fed pumped $2.3 trillion into the economy.

IFPTE President Paul Shearon participated in the hour-long discussion and focused his comments fon urging the bank use its powers to target the money toward workers with an eye toward preserving jobs, particularly with respect to State and Local governments that employ 15 million of people in total.

In conjunction with the meeting, Shearon provided a letter of recommendations for Chairman Powell, urging the Fed to, “place the concerns of working people, and the state and local governments that are both on the frontlines of the pandemic response, and that are massively impacted by economic fallout at the forefront of your decision-making.

FLASHBACK:
12/2017 – Why You Should Care About the Federal Reserve (AFL-CIO)

RELATED:
4/9/2020 – The Fed Just Unleashed Another $2.3 Trillion to Support the Economy (CNN Business)
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Follow IFPTE's Guidance and Legislative Updates on COVID-19

For an explanation on the signifiance of the Federal Reserve and it's role in the economy, read the AFL-CIO's article from 2017 on Fed Chairman Powell's nomination to that role

Read the full IFPTE letter to Federal Reserve Chairman Jerome Powell.

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