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Former Fed Chair Janet Yellen referenced a study from the Center on Budget and Policy that suggests the shortfall for just states was $555 billion through 2022. Bernanke agrees.

A top Federal Reserve official is issuing a warning about fast-growing and largely unregulated shadow lenders.

Uncertainty makes downside risks prevalent, and the Fed will need to be accommodative when the crisis ends, according to Lael Brainard.

The panel later this month will vote on the nomination of Judy Shelton, whose views on certain policy issues have met with skepticism from both Democrats and Republicans.

They contribute more than $77 billion annually, or 9.4% of city economic output, according to the city comptroller.

While few observers are content with the new balanced budget, many say they can live with it as they look to an uncertain economic future.

Fed Chair Jerome Powell told House Financial Services Committee Chairwoman Maxine Waters that the Fed was looking at ways to adjust the Municipal Liquidity Facility to make some additional issuers eligible.

New York City's dynamics include closing an estimated $9 billion revenue gap due to COVID-19 and the volatile matter of police funding.

Federal Reserve Chair Jerome Powell stressed the importance of keeping the coronavirus contagion contained as the U.S. economy bounces back from its deepest contraction in decades.

While reducing the FY21 spending plan to $87 billion, New York's mayor said he needs $1 billion in labor concessions or the city could lay off up to 22,000 workers.