Biden Gives the Fed a Sweeping New Mandate: Wokeism | SGT Report
Having failed to achieve its dual mandate of full employment and price stability by pushing inflation to an unforeseen 40-year high, the Federal Reserve has shown its central planning skills to be deficient.
Yet the Biden administration is eager to give the Federal Reserve a broad new mandate to socially engineer “racial equity” in the economy.
Earlier this month, President Joe Biden cheered the House of Representatives for narrowly passing the so-called Financial Services Racial Equity, Inclusion, and Economic Justice Act.
The Act requires the Fed to “exercise all duties and functions in a manner that fosters the elimination of disparities across racial and ethnic groups with respect to employment, income, wealth, and access to affordable credit.”
The Act instructs the central bank to prioritize race in monetary policy decisions and regulatory actions. It instructs the Fed to institutionalize racial favoritism in hiring and lending throughout the banking system. And it tasks central planners with the sweeping objective of eliminating racial disparities in income.
Given that Asian-Americans represent the highest-earning racial group on average, their salaries, investment gains, and access to low interest financing would presumably have to be redistributed somehow to other groups in the name of racial justice.