The pandemic-induced economic recession has cost women 4.2 million jobs in the U.S. since February 2020, according to White House economic advisors on Wednesday. 

Cecilia Rouse, chair of the Council of Economic Advisers, said that the tumultuous past year has brought American women significant financial insecurity, especially women of color.

"The disparities are greater for Black and Hispanic women, who earn 63 cents and 55 cents for every dollar that a white man earns," said Rouse.

Council member Heather Boushey said that due to the gender gap, women have already been juggling between their career and family, the pandemic just intensified their financial and psychological burdens.

"Millions more women have had to reduce their hours, often because taking care of the children is a responsibility that continues to fall disproportionately on women," Boushey said at Wednesday's White House press briefing.

She added that even if women land the same job as that of men, they still cannot enjoy equal pay for equal work. In other words, women lose numerous dollars over a lifetime. 

According to the advisors, female-dominated industries have been hit hardest amid the pandemic, causing women to suffer the most economically. 

"Our economic recovery depends on us addressing the barriers that have hampered women from fully participating in the labor force," Boushey said.

Responding to such conditions, U.S. President Joe Biden and Vice President Kamala Harris urged Congress to pass the Paycheck Fairness Act, a labor law to address the country's gender pay gap.

Boushey noted that the U.S. will launch the American Rescue Plan to change the course of the pandemic and deliver immediate relief and support to women.