Federal Reserve Leader Urges Tax, Spending Action

By: The Associated Press Email
By: The Associated Press Email

CHARLESTON, W.Va. (AP) -- The region's top Federal Reserve official is expecting meaningful progress on reducing economic uncertainty now that the elections are over.

President Jeffrey Lacker of the Federal Reserve Bank of Richmond spoke Thursday at the West Virginia Economic Outlook Conference. He says employers and consumers alike operate under an immense cloud because of the impasse over federal debt and the budget.

Lacker said businesses most often mention uncertainty about federal tax and spending policy when they explain why they're not hiring or investing.

With the election behind us, Lacker said progress must be convincing.

Lacker has recently opposed keeping interest rates low. He called such efforts lazy steps that overplay the role monetary policy can play toward economic growth.

West Virginia University's Bureau of Business and Economic Research organized Thursday's conference.

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