Issues

Turning now to the labor market, unemployment was still at 8.4 percent in August and the labor force participation rate still down significantly from February. The extraordinary package of fiscal support in the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) helped to support household incomes and to offset the effect of the huge job losses in March and April. But the act's unemployment provisions have expired, and most of the businesses that received Paycheck Protection Program (PPP) loans report that they have exhausted those funds.4 In addition, one area where increased understanding of the disease has, in many places, not led to general changes in practice is in the widespread school closures this fall. Many parents with children will be forced to work less, or not at all, which is going to be a hardship for them and weigh on the economy. So, I agree with Chair Powell that it will take continued support to sustain a robust recovery. more »

Jo Freeman Reviews: As women tackled employment discrimination, they discovered more and more inequities. The University [of Michigan] intentionally admitted more men than women, even though women had better qualifications. Among those admitted, men got more money. Women were not allowed on the marching band or into several clubs. Job ads called for "student wives." Capturing the essence of the traditional view toward women was a bas relief sculpture on the side of a major building. One side was called "The Dream of the Young Girl." It featured a woman holding a baby while a young child clutched her skirts. The other side was called "The Dream of Young Men." It featured an ocean voyage. It took 34 years to get it relocated to someplace less obvious. This [book] is an excellent case study of a nation-wide problem. more »

Altogether, the sector holds about $108 trillion in assets and faces a variety of cybersecurity-related risks. Key risks include (1) an increase in access to financial data through information technology service providers and supply chain partners; (2) a growth in sophistication of malware — software meant to do harm — and (3) an increase in interconnectivity via networks, the cloud, and mobile applications. Cyberattacks that exploit risks can occur against either public or private components of the sector. For example, in February 2016, hackers were able to install malware on the Bangladesh Central Bank's system through a service provider, which then directed the Federal Reserve Bank of New York to transfer money to accounts in other Asian countries. This attack resulted in the theft of approximately $81 million. more »

Dr. Robert Redfield, director of the Centers for Disease Control and Prevention, testified on the latest coronavirus response efforts. CDC Director on Availability Coronavirus Vaccine by "Late Second Quarter, Third Quarter 2021". CDC Director Redfield on Face Masks: "More guaranteed to protect me against COVID than when I take a COVID vaccine." more »