Former Federal Reserve Chairs Ben Bernanke and Janet Yellen will testify later this week on the federal government's response to the economic downturn caused by the coronavirus, The Hill reports.
Bernanke and Yellen are scheduled to testify remotely on Friday before the House Oversight Committee’s special subcommittee on the coronavirus pandemic, the subcommittee announced Tuesday. The pair will discuss their views on the government's efforts to stabilize and protect the economy.
It will be the first time either have testified since leaving office.
"The hearing will examine the federal government’s economic recovery efforts in response to the coronavirus crisis, how the crisis has exacerbated inequality, and the need for further congressional action," the subcommittee said.
"Chairs Bernanke and Yellen steered the Fed through the 2008 financial crisis and its aftermath and will use that unique historical perspective to make recommendations for action."
Current Fed Chairman Jerome Powell, took the post in 2018. He has headed up trillions of dollars in emergency loans and asset purchases and was been praised by Bernanke and Yellen for his work.
Still, The Hill notes, lawmakers and policy analysts have said the Fed's efforts could increase income inequality by aiding stock prices and corporate bonds while not reaching down to average Americans.
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