Fed Chair Jerome Powell says the coronavirus recession has been a 'great increaser of income inequality' — with low-paid workers and women bearing the brunt of the fallout
Chairman of the Federal Reserve nominee Jerome Powell testifies during his confirmation hearing before the Senate Banking, Housing and Urban Affairs Committee November 28, 2017 on Capitol Hill in Washington, DC.Fed Chair Jerome Powell said the pandemic was "a great increaser of inequality" at an online event hosted by Princeton University.He singled out women and hourly workers in the service industries as the segment of the population weathering the brunt of the fallout.
He added: "It is low-paid workers in the service industries who are bearing the brunt of this, it is also women to an extraordinary degree."
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