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Fed’s Daly says equity is path to faster U.S. growth By Reuters


© Reuters. FILE PHOTO: San Francisco Federal Reserve Bank President Mary Daly poses at the bank’s headquarters in San Francisco, California, U.S., July 16, 2019. REUTERS/Ann Saphir

(Reuters) – San Francisco Federal Reserve Bank President Mary Daly on Wednesday intensified her call for a concerted effort to address racial and other inequalities as a way to boost the U.S. economy’s potential for growth.

Daly made no comments on the outlook on monetary policy, nor on her opinions on the state the economy. These remarks were prepared for the UCLA Anderson forecast webinar. She instead focused on long-standing economic opportunities, well-being and wealth gaps that exist in America. These have become more apparent since the outbreak of the Pandemic.

Her own research, as well as that of others, showed these gap have resulted in the economic loss of nearly $23 trillion during the past thirty years. She said that inequitable access and funding, as well as a lack of diversity within business and government, all contribute to the decline in economic productivity.

Daly stated, “We can assume that today’s outcomes are predictable. But watch as existing gaps get wider and prospects for future growth slow down.” She said that they could be seen as an indication that resources aren’t being utilized to the fullest extent and people who have great potential are prevented from realizing their potential every day.

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