Democrat Congressman: The Federal Reserve Should Help Cities

The Nation reports:

“For too long, lawmakers and regulators have stood aside as cities grapple with budget deficits, unfunded pensions and crumbling infrastructure,” says Congressman Dan Kildee, a Michigan Democrat who is pressing the Federal Reserve to work with Congress to develop responses to “the systemic failure of US cities.” The Fed has mandates to seek maximum employment and to maintain moderate long-term interest rates as part of a broad charge to promote economic stability, which the congressman argues is sufficient to justify a critical examination of “how to specifically support failing cities.”

You knew that one was coming.