Federal Reserve governor Sarah Raskin Wednesday emphasized the Fed’s duty to promote growth and employment in an economy still in a “lingering recession.”
Raskin called the May employment report “bleak” and said the rise in the unemployment rate to 9.1% “doesn’t fully capture the scope” of unemployment.
She added that millions of Americans are “in danger,” financially speaking, having lost both income and net worth and are facing financial “exclusion.”
Raskin, Maryland’s former commissioner of financial regulation, joined the Federal Reserve Board of Governors on Oct. 4. She said the central bank has an “imperative” to promote economic growth ,but also to foster “financial inclusion.”