As Janelle Jones and Jared Bernstein wrote in June of 2020, a fairer job market is possible if we center policy solutions around who’s most left behind. A clear problem, especially in our current recession, is Powell’s hyper-focus on the overall unemployment rate rather than building policy around deeper, more explicit data-such as the Black unemployment rate or the rate for Latinx women. ( Wikimedia Commons, Courtesy)įrom prioritizing Wall Street over the rest of us to lethargic action on climate financial regulation, the Fed under Powell is not working for most people. deputy treasury secretary and Lisa Cook, a professor of economics and international relations at Michigan State University. Lael Brainard, a member of the Federal Reserve Board of Governors since 2014 Sarah Bloom Raskin, formerly a member of the Board of Governors and a former U.S. Lael Brainard, Lisa Cook and Sarah Bloom Raskin demonstrate the personnel we need to drive policy that supports women and women of color-and our society at large. Biden should replace him and appoint new leadership that will build a better Fed and help produce a more equitable economy. The president now has a historic opportunity to remake the all-white Federal Reserve Board in the image of the coalition that won him the White House and to promote the racial and gender justice that is necessary for both a true recovery and a fully realized Build Back Better agenda.Ī major obstacle, Fed Chair Powell is in the way of a stronger, more inclusive agency. It’s important to remember that racial equity, which is essential to gender equity, was a top priority for the Biden administration when it took office in January of this year. Progressive advocates have long argued that the Fed can and should be remade in ways that help deliver a more equitable economy, but this is especially critical now as we confront a deeply unequal recession. The officials caught in this scandal are all white men-with backgrounds in the private sector-and epitomize what happens when government officials prioritize their own interests over that of what’s best for the public good. government over the last 50 years: Something is broken about the status quo of who presides over national policy decisions. Recent news broke that the Fed Chair Jerome Powell, whose net worth is between $20–55 million, was personally involved in stock-trading during the pandemic.Ībove all, this exemplifies a defining pattern of U.S.
Senior officials at the Federal Reserve, our nation’s central bank, were recently caught in an apparent insider trading scandal-rightfully elevating ethics concerns regarding an institution with massive control over the economy. Opponents worry that her views on climate change could discourage banks from lending money to fossil fuel companies, although Raskin insisted during her confirmation hearing that it's up to banks to decide which loans to make, not the Federal Reserve.The Women’s March in 2017 in St. Meagher described Raskin as "one of the most qualified people to have ever been nominated for the Federal Reserve Board of Governors" and suggested she's the target of a "baseless campaign led by oil and gas companies." Raskin's nomination has drawn scrutinyīiden nominated Raskin to serve as the Fed's vice chair for supervision, overseeing bank regulation. "We are working to line up the bipartisan support that she deserves," said White House spokesman Chris Meagher.
The Biden administration is not giving up on Raskin's nomination. Sherrod Brown, D-Ohio, has refused to separate Raskin's nomination from the other four Fed picks. That day, the committee's Republicans, led by Toomey, boycotted a panel vote on President Biden's nominees for the Federal Reserve.īut the committee's chairman, Sen. Pat Toomey, the ranking member of the Senate Banking Committee, addresses reporters on Feb.
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