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Powell speech: Minimum wage increases have had a role in lifting wage growth

"Research suggests minimum wage increases have had a role in lifting wage growth at the bottom," Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, said while testifying before the House Financial Services Committee.

"Low unemployment and strong job market also have had an effect," Powell added.

Commenting on the climate change risk, "the climate change plays into our work in ensuring that banks are resilient," Powell noted.

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.

 

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