Fed’s Bullard Calls for Declaration of Three-Month Work Break
- Says National Pandemic Adjustment Period could be adjusted
- Goal is to prevent destruction of American livelihoods
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Federal Reserve Bank of St. Louis President James Bullard said that the U.S. should declare the equivalent of a three-month break for nonessential businesses to fight the spread of the coronavirus.
Bullard recommended “the president and Congress declare a ‘National Pandemic Adjustment Period,’ providing a natural focal point for the expectations of policy makers and Americans at large concerning what is happening.” The three-month period could be shortened or extended depending on how the virus progressed, he wrote in a posting on the bank’s website Monday.