Wall Street Executives Urge Another Round of Federal Stimulus

Wall Street Executives Urge Another Round of Federal Stimulus

Bloomberg  | Oct 16, 2020 17:45

Wall Street Executives Urge Another Round of Federal Stimulus

(Bloomberg) -- Lawmakers must approve another round of fiscal stimulus to keep the U.S. economic recovery on track, executives from Goldman Sachs Group Inc (NYSE:GS). and Wells Fargo (NYSE:WFC) & Co. said Friday.

Goldman President John Waldron applauded the federal government’s rapid financial response in the early months of the coronavirus pandemic, but said more needs to be done. The absence of additional stimulus could hamper the comeback, particularly in the U.S., he said during the Institute of International Finance annual membership meeting, held virtually this year.

“We are going to see a much tougher road to recovery,” Waldron said. Coming back fully from the crisis will take longer, and “people will be laid on the side of the road, sadly.”

House Speaker Nancy Pelosi told Democratic colleagues Thursday evening that “disagreements remain” with President Donald Trump’s administration over a number of components of the stimulus she’s attempting to negotiate, even as an agreement nears on a Covid-19 testing program. The establishment of a national testing strategy had been a roadblock cited by Pelosi and her aides this week during talks with Treasury Secretary Steven Mnuchin.

Wells Fargo Chief Executive Officer Charlie Scharf said during a separate IIF panel discussion Friday that additional stimulus is needed with the U.S. “not out of the woods” yet.

“The consumer has been extraordinarily strong through this crisis, and it’s not luck, and it’s not because they weren’t affected -- it’s because of the CARES Act, specifically the unemployment assistance,” Scharf said. “But those programs are running out and we’re starting to see early signs that the reserves” consumers had “are starting to go away.”

©2020 Bloomberg L.P.

© Bloomberg. John Waldron

Related News

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Discussion
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (India) English (Canada) English (Australia) English (South Africa) English (Philippines) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes

+

Download the Investing.com App

Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.

Investing.com is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.

';