Fed’s Brainard: virus crisis demands broad, creative response

(Reuters) – The public health and economic crisis inflicted by the coronavirus pandemic is causing tremendous hardship, especially for low- and middle-income communities, and requires a broad and creative response, a top Federal Reserve policymaker said on Tuesday.

“The devastation is demanding that government, nonprofits, and other organizations think broadly and creatively to address the growing needs of households and businesses across the nation,” Fed Governor Lael Brainard said in remarks prepared for delivery to a community development webinar held by the Kansas City Fed, where a range of institutions serving populations in Colorado were slated to present their funding pitches to potential investors. “To better understand what is happening on the ground, and how the Federal Reserve can use its full range of tools to address this crisis, it is important to hear from direct service providers.”