Federal Reserve Chairman Jerome Powell urged lawmakers in the House of Representatives to pass another round of stimulus package.

Jerome Powell
Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress Reutersconnect/Toni L. Sandys

The Federal Reserve has long been asking the Congress even before the election to pass another round of stimulus package that will help boost the economy.

Federal Reserve Chairman Jerome Powell even testified before a congressional panel for the need for the relief aid.

Typically, the Federal Reserve Officials do not want to intervene in any political issues. This is to avoid political interference in their policymaking.

However, the Federal Reserve Official has been very vocal lately due to the need for the financial assistance of millions of Americans.

On Thursday, Federal Reserve Chairman Jerome Powell urged lawmakers in the House of Representatives to pass another stimulus package.

Powell also emphasized not to depend the country's economy on the vaccine that may be released before the year ends. He told the lawmakers not to rely on the vaccine to solve the economic fallout brought by the global pandemic.

During the web panel discussion, Powell said that the next few months could be challenging for the country because the winter season means a potential increase of COVID-19 cases in the country that could worsen the economy, according to Newsweek.

Meanwhile, the country's infectious and disease expert Dr. Anthony Fauci predicted that the pandemic will be over soon.

"Certainly it's not going to be a pandemic for a lot longer because I believe the vaccines are going to turn that around," Fauci said.

He said this after Pfizer and its partner biotechnology company BioNTech announced that their vaccine is 90 percent effective to fight against the virus. This is after their last stage of a human clinical trial.

However, the U.S. FDA did not yet approve the vaccine as they are still waiting for the pending data that will come last week of this month.

Despite the statement of Dr. Anthony Fauci, Federal Reserve Chairman Jerome Powell and the head of the European Central Bank insisted Christine Lagarde both insisted that governments should not relax economic boost just because of the vaccine.

"From our standpoint, it's just too soon to assess with any confidence the implications of the news for the path of the economy, especially in the near term," Powell stated according to CBS News.

He also added that there are still significant challenges and uncertainties around the world in the ability to produce and distribute potential vaccines.

However, both Congress and the Senate remained to have disagreements on the total amount of the next stimulus package

The House of Congress wanted to have a bigger amount but the House or Senate opposed and wanted to have a skinny amount but on the targeted measures.

The stimulus negotiation has remained stalled for more than four months. But millions of Americans are still hoping that both chambers will seal the stimulus deal after Sen.

Mitch McConnell and House Speaker Nancy Pelosi agreed that a stimulus package will be delivered after their victory in the recent election.