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On Tuesday, Mary Daly, president of the San Francisco Fed, defended the US central bank from critics, asserting that its emergency lending programs as well as monetary policy help not only the rich, but also the poor. She claims that the Fed provides assistance without exception.
"There is really no clear distinction between the Main Street and Wall Street," Daly said in an interview with CNN International. "If we fail to repair the financial markets and ensure that they have liquidity, interest rates can not be changed as households and businesses need them the most...our support for the economy supports everyone," she added.
The Fed has lowered interest rates to zero to support the US economy. It also acquired bonds for trillions of dollars, and developed more than a dozen supporting lending programs.
Daly said that at present, the Fed's policy saves jobs and provides incredible assistance to companies in the field of finance.
However, critics say that these steps benefit only the rich, as it raises the value of assets such as stocks, even though millions of working poor are losing their jobs and income. In addition, the issue on racism after the murder of George Floyd last month also drew public attention to the role of the Fed in exacerbating economic inequality.
According to Daly, the fight against racism, besides being a moral issue, also helps the US economy by attracting more people to the labor market.
"Ultimately, our job is to ensure that every American who wants to get a job can get it... but now that we are fighting a global pandemic, it's emergency support that we are offering," Daly said.
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