NATIONWIDE – The Biden Administration is poised to make a key decision about who will lead the Federal Reserve. In response to emerging news about the potential renomination of Jerome Powell to continue as the Chair of the Federal Reserve, the Action Center on Race and the Economy (ACRE) put out the following statement:
“Communities of color need someone who will fight for us as Fed Chair,” said Saqib Bhatti, Co-Executive Director of ACRE. “Unfortunately, Jay Powell has taken an ‘all lives matter’ approach to monetary policy, refusing to use the many tools at his disposal to close the racial wealth gap.
“As the COVID-19 pandemic ravaged Black and Brown neighborhoods, and cities and states struggled to find the funds to protect the hardest-hit communities, Powell rained billions in bailouts on Wall Street banks and the fossil fuel industry, but spared mere pennies for state and local governments. He systematically weakened the laws the Obama Administration worked hard to pass after the 2008 financial crash to stop big banks from extracting wealth from communities of color and gambling with our money.
“It’s no wonder that Trump’s choice for the Fed Chairmanship is also Wall Street’s preferred candidate. Jay Powell is bad for communities of color and we will do everything we can to oppose his renomination.”
“Empty promises of racial equity are not enough,” said Brittany Alston, Deputy Research Director at ACRE. “We need bold policies and strong regulation that shifts power from the hands of Wall Street actors and places that power into the hands of the communities that need it most.
“A worthy appointee is one who can reimagine the role of the Federal Reserve, take into account the devastating and lasting impact this pandemic has had on black and brown communities, and propose policies that propel communities into an equitable recovery process.
“From climate to Wall Street regulation, Powell has been no champion for racial equity.”
The Action Center on Race and the Economy (ACRE) is a campaign hub for organizations working at the intersection of racial justice and corporate accountability.
Learn More: ACRECampaigns.org