As is the case with troves of institutions these days, the Federal Reserve Bank, nicknamed the Fed, appears to be going woke.
Sen Pat. Toomey (R-PA) warned that the Fed, which is tasked with setting monetary policy, is perpetuating “structural racism” as the leading cause of inequality in the United States as part of a series of virtual events titled “Racism and the Economy.”
The top republican on the Senate Banking, Housing and Urban Affairs Committee, Toomey on Monday requested documents and a briefing about politically charged issues in letters to the presidents of three of the Fed’s 12 regional banks involved, the Daily Signal reports.
“Of course, racism is abhorrent and has no place in our society,” he wrote.
“I recognize the interest in studying economic disparities along demographic lines, such as race and gender. However, this subject matter is fraught with ideological assumptions and interpretations, and the work and analysis of the Fed seems heavily laden with political and value judgements,” he added.
The three banks, located in Minneapolis, Boston and Atlanta, initiated the webinar series, which claims to be about understanding the “implications of structural racism in America’s economy and advancing actions to improve economic outcomes for all.”
Toomey indicated his concern that such attention is innapropriate for an independent government entity that is supposed to be independent of politics.
“Whether or not this is your personal view, I would remind you that only Congress has the authority to reform the Federal Reserve or modify its statutory mission,” he wrote. “Moreover, I would caution you on the reputation damage being inflicted on the [Minneapolis/Atlanta/Boston] Fed and the Federal Reserve as a whole by pursuing a highly politicized social agenda unrelated to monetary policy.”
Atlanta Federal Reserve Bank spokeswoman Karen Mracek shared a response with the Daily Signal.
“We have received the inquiry from Sen. Toomey’s office, and we look forward to discussing with him how better understanding racial inequality helps the Federal Reserve reach its mandate of maximum employment and ensure economic gains are widely experienced across the population, regardless of race,” she said.
Boston Federal Reserve Bank spokesman Joel Werkema said the bank did not have an immediate response, but they will “carefully review the correspondence from the senator.”
The post WOKE NOT BROKE: Sen. Pat Toomey Warns Fed is Going ‘Woke’ appeared first on Human Events.
© Copyright 2021 HUMAN EVENTS. All Rights Reserved.
This content is published through a licensing agreement with Acquire Media using its NewsEdge technology.
Woke and broke all at the same time.
Theyre the govt. THEY WON’T ever go broke though, UNTIL THE entire dollar collapses that is.
The only people that practice “racial inequality” are the liberals / communist Democrats.
AND the only areas with systemic racism ARE DEM RAN CITIES..
The perpetuated concept of “Structural Racism” is just another vehicle designed to drive and transport more Democrats into positions of power, via the redistribution of honest American wealth, in one more dishonest doomed to fail social experiment based on taught or imagined guilt. When the financial side of the federal government embraces the concept, it will soon be game over for honest, productive, exceptional contributing Americans who once fleeced into finality, will cease being productive and America will no longer be able to sustain even the basic military needs required to defend itself from the enemies without, who thanks to the Democrats are now within.
The “Socialist Democrat Party State” political officers, Gestapo, Woke and Cancel Culture are just getting started. You will obey, be loyal and support the
“Socialist Democrat Party State” or you will be classified as
“Enemies of the State”.
The Dishonorable, U.S. Socialist Democrat Party game plan is to lie, cheat and steal elections in order to take total control of the American people, increase Taxes on everything and bring American commerce and economy to its knees.
Then access power and retain it by any means available –
no matter the costs to the people, the government or the nation.
This socialist Democrat Party has become our country’s most destructive and deadliest Enemy. 👿
If this socialist Democrat Party is not dismantled or destroyed, WE the PEOPLE will become servants, slaves, wards of the socialist Democrat Party. 🙁 🙁 🙁