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According to Republican Pennsylvania Senator Pat Toomey, who is the ranking member of the Senate Banking Committee, regional Federal Reserve Banks are taking a gradually “alarming” stance on issues which are politically charged, such as racial justice.
The Federal Reserve, a private bank who seems to exert a great influence over the United States and who many people believe to be a governmental body, has a mission statement that mandates the central bank to achieve maximum employment and stable practices while being free from political influence. In essence, what they choose to do can influence politics in the United States, but not the other way around.
Recently, the regional branches of Atlanta, Boston, and Minneapolis, dedicated resources to social policy. Social policy which reflected current “woke” ideologies such as “anti-racism.”
The Republican Senator said pursuing a highly politicized agenda which was supposed to be unrelated to monetary policy is inflicting “reputational damage” on the Minneapolis, Atlanta, and Boston Federal banks and the Federal Reserve as a whole. The individuals who run the Federal Reserve system are neither elected by the people, nor confirmed by the Senate; meaning, there are people exerting a great amount of influence on the country behind the curtain who do not have to answer to the people of the nation.
Recently, the aforementioned regional banks, spearheaded a series which all 12 regional banks participated in; the series centered on the belief that “racism forms the foundation of inequality in our society.”
The series is called “Racism and Economy,” and it highlighted different topics, including structural racism in labor markets, education, and in housing.
Earlier this year, Raphael Bostic, Atlanta’s Fed President, said that there are “definitely merits” to reparations, and called the changes to the Georgia voting laws “troubling.” Bostic is also black and the first openly gay man selected to head a regional Federal Reserve Bank. Recently, Axios wrote a story on Bostic titled “Atlanta Fed President Raphael Bostic is ready for the chair,” in which Bostic told the news outlet that if he were to become chairman he would steer the central bank toward economic inclusivity and equity.
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We Often Feel Like David Taking on Giants
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