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Federal Reserve Chair Jerome Powell said Monday the Fed can help regional and local banks in hurricane-affected areas of the country make sure they have enough cash on hand for their customers during the ongoing emergency.
“We have the ability through the reserve banks to make sure that the banks have available cash so that if power is out for a significant amount of time, there’s enough cash to do transactions,” Powell said during an event in Tennessee on Monday afternoon, during which he was asked about hurricane Helene.
“We’re encouraging bankers to work with their affected customers in affected areas,” he said, cautioning that the Fed itself has to stay “mainly on the sidelines and [is] sympathizing with this very difficult situation people are in.”
Hurricane Helene has claimed more than 100 lives, according to the Associated Press, and has wreaked havoc on communities in the southeastern U.S. after cutting a path through Florida, Georgia, the Carolinas, Tennessee and beyond.
Images of wrecked property, damaged infrastructure, and debris from storm surges proliferated across digital and social media platforms on Monday.
More than 1,000 Federal Emergency Management Agency (FEMA) staff are “supporting states affected by the hurricane,” the agency said on its website Monday afternoon.
“We continue to deliver critical supplies to impacted areas including meals, water, generator[s], tarps and other equipment,” the agency said. “We are coordinating a federal force of over 3,500 personnel, each contributing their expertise to this mission.”
Cash is especially useful during emergencies because it allows for flexibility as situations develop and needs and prioritize change.
According to USA.gov, cash donations are “the best way to help after a disaster” and can help to buy needed supplies in bulk.
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