Federal Reserve Board ("FRB") Governor Michelle W. Bowman described the uneven economic recovery from the COVID-19 pandemic.
At an event sponsored by the Federal Reserve Bank of Dallas, Ms. Bowman cited the July 2020 results of an FRB Survey of Household Economics and Decisionmaking, in which the FRB found that employment disruptions disproportionately affected people of color and low-income families. Ms. Bowman also noted that more working women than men were laid off, a trend not seen in previous recessions.
The event for the FRB's "Advance Together" initiative celebrated collaborative efforts to reduce inequalities in education and workforce development for the residents of 25 Texas counties. Ms. Bowman restated the FRB's mission to "promote economic growth and financial stability across the country, particularly in vulnerable communities."