US' Pelosi urges Fed's Powell to help local governments hit by coronavirus

• In a telephone call lasting 25 minutes, Powell briefed the speaker on the Fed's actions to respond to the virus.

WASHINGTON: US House Speaker Nancy Pelosi urged Federal Reserve Chairman Jerome Powell to use the Fed's authority to help state and local governments most affected by coronavirus, a senior Democratic aide said.

In a telephone call lasting 25 minutes, Powell briefed the speaker on the Fed's actions to respond to the virus. "The Speaker was encouraged by the Chairman's perspective that with interest rates at nearly zero Congress is enabled to fiscally think big as we craft a robust response," the senior Democratic aide said.