Staff Reports
Janet Yellen, the Secretary of the Treasury, made the announcement on Tuesday regarding the initial members of her department's Advisory Committee on Racial Equity.
The council will give Yellen advice and recommendations on measures to enhance racial fairness in the market and address large differences for communities of color, according to a news release. Democrats Michael Nutter, the former mayor of Philadelphia, will lead the group as its inaugural chair, while Roosevelt Institute CEO Felicia Wong will serve as vice chair.
According to Yellen's explanation, bringing a wide collection of outside views and personal experiences to the table where decisions are being made is a vital aspect of delivering on our racial fairness goals. [Citation needed] The Treasury Advisory Committee on Racial Equity will give essential insight and advice to department leadership to enhance and inform our equity efforts.
Former Philadelphia Mayor Nutter is suspicious of proposals to subsidize the policemen and has attacked Larry Krasner's anti-police propaganda. Of the other hand, Wong was a co-author on a study that was published four years prior to the passing of George Floyd in which they argued that police budgets should be decreased and for-profit jail systems must be eliminated.
Last year, Wong co-wrote a paper saying officials should emphasize race in every decision. Because racial inequities are so significant across the economy and culture, no policy is racial group in practice, the report said. It is imperative that racial consequences be taken into consideration during the formulation of any and all policy ideas, no matter how large or how small. Every policy, from the administration of vaccinations to the funding of higher education to the restructuring of taxation, will have racially discriminatory implications. It is essential, in light of this fact, that race be taken into account in every stage of the policymaking process.
In a speech days after his inauguration, President Joe Biden said the White House is taking a whole-of-government approach to climate change. While supporting the administration's efforts, Wong added centering race equity as a major metric of successful results will be important to transforming policy norms and expectations.
The Treasury Department employed Janis Bowdler. Ending the previous year in the role as the first Counselor for Racial Equity at JPMorgan Chase, she was the driving force behind the company's pledge to invest $30 billion in underprivileged regions. Yellen said the American economy has traditionally not worked properly for communities of color and her department must play a prominent role in eradicating racial inequality.
Office of the Comptroller of the Currency is responsible for overseeing national banks and federal savings institutions. The Treasury Department has recruited Yue Chen, a former official at the New York State Department of Financial Services, to work as its Chief Climate Risk Officer. The Federal Reserve's policymakers intend to collaborate with Chen in order to advance environmental measures inside the business sector.
Michael Barr, a Federal Reserve Board of Governors member, said in a recent speech that banks are more focused on the dangers climate change poses to their balance sheets. The Federal Reserve is trying to gain a better understanding of how potential hazards posed by climate change may affect individual banks as well as the overall financial system. The Federal Reserve's mission in this area is significant, but limited, as it is focused mainly on our lines of accountability and our role in fostering a stable and secure financial system.
The preceding is a summary of an article that originally appeared on Daily Wire.
