“Systemic racism is a yoke that drags on the American economy,” Raphael Bostic writes. His comments come as the central bank continues to draw criticism for propping up wealthy investors during recessions.
in an interview; Bostic’s comments come amid a renewed push for the Fed, long viewed as the protector of the wealthy Wall Street elite, to do more to combat systemic racism and economic injustice. ... [+]
to members of the Harvard Business School Club of Atlanta at the Buckhead Club in Atlanta, Georgia, U.S., on Wednesday, Feb. 19, 2020.notes has not spoken often about race during his three-year tenure at the Atlanta Fed, has become a strong proponent of making economic opportunity more accessible to all.
Last week, he wrote about his support for the Black Lives Matter movement and the steps the Atlanta Fed can take to combat institutional racism. “Systemic racism is a yoke that drags on the American economy,” he wrote. “This country has both a moral and economic imperative to end these unjust and destructive practices.”
Bostic also echoed recent comments by Fed Chairman Jerome Powell, who said Tuesday that “the burden of the downturn has not fallen equally on all Americans.”for its crisis programs that disproportionately help the ultra-wealthy by propping up the stock market, while those on the lower end of the income spectrum face stagnating wages and rock-bottom interest rates. The Black unemployment rate was 16.8% in May, the Labor Department reported.
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