Biden Administration Wants Racial Equity to Join Price Stability and Full Employment as Federal Reserve Priorities
Price stability?
Full employment?
Noble goals of our central banking system known as the Federal Reserve, that wonderful creature from Jekyll Island.
But trying to improve our economy for families and the middle class are goals nowhere near as important as promoting racial socialism (i.e., legalized discrimination against white people).
The Biden Administration now is advocating the promotion of blackness as a third central bank priority for the Fed. [A Woke Mandate for the Federal Reserve: Biden endorses racial equity as a third central bank priority., Wall Street Journal, June 22, 2022]:
President Biden recently promised in these pages not to interfere with the Federal Reserve. Yet last week he endorsed a House bill that would add racial equity to the Fed’s dual mandate of price stability and full employment. How does the White House square this contradiction?
The House bill passed last week 215-207 with little media notice. But it deserves attention because it reveals how the Biden Administration and Democrats plan to politicize monetary policy and financial regulation.
Recall that Candidate Biden advocated making reducing racial disparities a third monetary mandate. You have to wonder if one reason the Fed was slow to tighten policy was because the central bankers agreed with him. Several Federal Open Market Committee (FOMC) members promoted the goal of “inclusive” employment even as inflation began to creep up.