(Reuters) – JPMorgan Chase & Co, the biggest U.S. lender, has laid out a set of policy recommendations for lawmakers, aimed at driving a swift recovery from the COVID-19 pandemic and reducing racial inequality.
The paper, reported earlier by CNBC, suggests additional pandemic relief funding for lower-income families to support expenses and bring about financial stability among those who have lost their jobs during the pandemic.
“Existing structural barriers in the U.S., made worse by the current crisis, have created profound racial inequalities — straining families’ economic mobility and restricting the U.S. economy,” the bank said https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/documents/policy-center-synthesis-brief.pdf.
JPMorgan’s report comes against the backdrop of a deadlocked Congress over the size of a pandemic relief bill and follows the victory of Democrat Joe Biden over Republican Donald Trump in a highly contested U.S. presidential election.
Talks aimed at delivering a fresh infusion of coronavirus relief to American families and businesses gathered momentum in the U.S. Congress on Friday, with a bipartisan group of lawmakers working to put the finishing touches on a new $908 billion bill.
Other recommendations in JPMorgan’s report include promoting policies for families to build emergency savings, policies and programs that boost income and liquid assets and address the underlying challenges Black and Latino families face within the labor market.
It also suggests expanding affordable housing for underserved communities, helping people with student loans and additional aid to small businesses.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty)