Washington, DC (September 14, 2012) – The National Urban League today applauded the Federal Reserve’s latest round of quantitative easing that aims to prevent the weak recovery from getting any weaker, but warned that congressional action also is needed to create real and sustainable growth.
“We commend the Federal Reserve for doing what Congress appears unable to do—set aside partisan differences and make the economy the real priority,” said Urban League vice president and economist, Dr. Valerie Rawlston Wilson.
“We are particularly heartened by the Fed’s decision to target its effort on agency mortgage backed securities,” Dr. Wilson added. “We have consistently argued that addressing problems in the housing market is critical to a faster recovery. Moreover, we believe the Fed’s actions will have a positive impact on African-Americans, who have been disproportionately affected by foreclosures, and by job losses in manufacturing and construction.”
Dr. Bernard E. Anderson, chairman of the Urban League’s Council of Economic Advisors, cited the threat of the “fiscal cliff” as additional impetus for Congress to act. He added, “this uncertainty has frozen business investment decisions and depressed consumer confidence. It’s time for Congress to do its part to strengthen economic growth and improve the economic outlook.”
CONTACT: Pamela Springs