The Federal Reserve has been and will be vital in addressing multiple economic crises: the COVID-19 pandemic, long-standing structural racism, and the worsening effects of climate change.
To address these concerns successfully, the Federal Reserve must do the following:
- Expand a policy and research agenda prioritizing racial equity.
- Make institutional fixes to the Federal Reserve itself.
- Provide postal banking services with FedAccount backing.
- Offer clear and direct support for public lending.
- Lend directly and aggressively to businesses.
- Lend more aggressively to states and municipalities.
- Fix corporate governance and the financial sector to discourage short-termism.
- Helicopter money toward recovery and climate change.