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GAO, COVID-19: Significant Improvements Are Needed for Overseeing Relief Funds and Leading Responses to Public Health Emergencies
Fast Facts: In our 9th comprehensive report on the COVID-19 pandemic, we provide updates on topics like pandemic emergency rental assistance and tax relief for businesses. In this report, GAO makes five new recommendations in the areas of emergency rental assistance, nutrition assistance, and tax relief for businesses. GAO is also designating the Department of Health and Human Services’ (HHS) leadership and coordination of a range of public health emergencies as high risk. This designation is in keeping with long-standing efforts to identify federal programs needing transformation, and to help ensure sustained executive branch and congressional attention so the nation is prepared for future emergencies. more »
Federal Reserve Issues FOMC Statement Signaling a March Interest Rate Hike as Well As Reducing the Size of the Fed's Balance Sheet
"The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent. With inflation well above 2 percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate. The Committee decided to continue to reduce the monthly pace of its net asset purchases, bringing them to an end in early March. Beginning in February, the Committee will increase its holdings of Treasury securities by at least $20 billion per month and of agency mortgage backed securities by at least $10 billion per month. The Federal Reserve's ongoing purchases and holdings of securities will continue to foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses." more »
Jerome Powell's Testimony at His Nomination Hearing for a Second Term as Chair of the Board of Governors of the Federal Reserve System; A Link to The Beige Book
"Congress provided by far the fastest and largest response to any postwar economic downturn. At the Federal Reserve, we used the full range of policy tools at our disposal. We moved quickly to restore vital flows of credit to households, communities, and businesses and to stabilize the financial system.
These collective policy actions, the development and availability of vaccines, and American resilience worked in concert, first to cushion the pandemic's economic blows and then to spark a historically strong recovery. Today the economy is expanding at its fastest pace in many years, and the labor market is strong." more »
Rose Madeline Mula Writes: I’ve Got A Secret – NOT!
"I always contended that if not revealing my age would actually make me younger, I would be as tight-lipped as the enigmatic Mona Lisa; but since nothing can actually erase the years, why not just accept and admit them?... Above all, almost all my friends would submit to waterboarding before revealing their age, blissfully unaware that these days that statistic is available to anyone who makes a simple Google query or two. They don’t realize that the mere fact that they don’t know that identifies them as ancient and that exactly how ancient is no longer a secret. They believe they can guard that number to the bitter end — and beyond. No exaggeration. One woman I knew made her son vow not to put her date of birth on her headstone when she died." more »