Former Fed Chairs Call for Extra Stimulus

The two former chairs of the US Federal Reserve have warned that the pace of economic recovery could be slow and uneven, calling for a robust response from legislators to combat the COVID-19 pandemic and its impact, Reuters reported.

Former Chair of the Federal Reserve, Janet Yellen, said that not extending unemployment insurance would be catastrophic.

Yellen, and Ben Bernanke called upon Congress to provide funds to states without worrying about the budget deficit.

Reducing the unemployment rate to its pre-COVID-19 level of 3.5% would take two or three years, according to Yellen.