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Biden adviser says COVID-19 aid deal should not hamper Fed emergency lending - Metro US

Biden adviser says COVID-19 aid deal should not hamper Fed emergency lending

FILE PHOTO: White House senior advisor Brian Deese

WASHINGTON (Reuters) – U.S. President-elect Joe Biden’s incoming chief economic adviser said on Friday a coronavirus relief plan under negotiation in Congress should not include a provision that would restrict the ability of the Treasury Department and Federal Reserve to fight economic crises.

“As we navigate through an unprecedented economic crisis, it is in the interests of the American people to maintain the Fed’s ability to respond quickly and forcefully,” Brian Deese, who will head the White House National Economic Council for Biden, said in a statement. “Undermining that authority could mean less lending to Main Street businesses, higher unemployment, and greater economic pain across the nation.”

(Reporting by Tim Ahmann, Editing by Franklin Paul)

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