In the US, inflation is at a 40-year high, there are severe supply chain issues, and businesses across the nation are struggling to recruit workers. You would say that the Federal Reserve has a serious job on its hands right now. However, the monetary organization is at risk of going in an entirely different direction – the woke direction – if Biden’s recent nominees get approved.
Sarah Bloom Raskin is one such nominee. She is none other than the wife of Rep. Jamie Raskin, who represents Maryland. Mrs. Raskin is vocal about her desire to use the regulatory power of the Fed to promote a ‘green agenda’. She intends to use the authority of the Fed to wage a war on fossil fuel companies and American oil production, despite the rising gas prices that threaten the economy.
Writing in an Op-Ed for the New York Times, Raskin stated, “The Fed’s unique independence affords it a powerful role, and its mandate includes ensuring both the stability of the financial system and full employment. Climate change threatens financial stability; addressing it can create economic opportunity and more jobs.”
Her views are so troubling that 11 conservative-leading organizations sent a letter to the Senate Banking Committee raising concerns about her nominations. The letter reads, “If confirmed as the primary bank supervisor and regulator on the Fed’s board, Raskin could influence decisions for the board to file cease and desist orders or shut down banking activities.”
Lisa Cook is another one of Biden’s nominees, who is woke as they come. She flat-out called the United States systematically racist and doesn’t hesitate to label her political opponents as fascists. She has also stated that former President Donald Trump is “definitely a fascist.”
The letter from the 11 conservative-leading organizations also decried the nomination of Cook, saying that she would focus on things like equity instead of the real problems faced by Americans. The letter also noted that she did not write much on monetary policy, but devoted most of her writings on racism and sexism.
The Federal Reserve is showing signs of wokeness even without the help of Raskin or Cook. Four regional banks of the Federal Reserve held a series of events called ‘Racism and the Economy’, where it said that ‘structural racism’ is the foremost cause of inequality in the US.
Perhaps the worst case of the Fed going woke is when the Board of Governors asked its employees to use ‘bias-free language’ on April 29, so as to not offend certain people. The words that should be avoided include “Founding Fathers”, “blacklist”, and “whitelist.” This guidance also asks employees to use gender-neutral language such as “they” instead of “he” or “she”.Such actions of the Fed were cause for concern for 42 independent economists, who penned an open letter in June saying how the Fed is damaging its credibility by taking on social and environmental policy. “The Fed is among the nation’s most important institutions. Its monetary and regulatory mandates are essential for economic stability. However, based on recent activity, the Fed is in danger of exceeding these mandates. Unless it changes course, the Fed will impede its own effectiveness,” the letter reads.
