As president of the Federal Reserve Bank of Richmond since 2018, Tom Barkin is a member of the Fed’s powerful committee that sets interest rates. …
As president of the Federal Reserve Bank of Richmond since 2018, Tom Barkin is a member of the Fed’s powerful committee that sets interest rates. The committee has been engaged this year in an extraordinary drive to support the economy and the financial system through ultra-low rates and new lending programs designed to keep credit markets running smoothly and encourage companies and households to borrow and spend.
Barkin takes part in the rate-setting committee’s discussions, though under the Fed’s rotation system, he is not a voting member of the committee this year.
The Associated Press spoke recently with Barkin about the unusual uncertainty surrounding the economic outlook, how the coronavirus may be affecting financial inequality and the economy’s ongoing need for rescue aid.
Q: What’s the biggest risk facing the economy right now?
A: The biggest risk is on the health side.
