Biden Wants The Fed To Help Close Racial Economic Gaps. How Would That Work?

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This week, the Biden campaign released its fourth and final plank in the former Vice President's package of economic ideas: a plan for racial economic equity . It's a 26-page rundown of policies ranging from a plan to boost small businesses to a first-time homebuyer tax credit. But contained in the plan was a less-flashy proposal: asking the Federal Reserve to explicitly take race into account when it sets policy. "Within its existing mandate of promoting maximum employment and stable prices, the Fed should aggressively enhance its surveillance and targeting of persistent racial gaps in jobs, wages, and wealth," the Biden plan says. What the Biden team is proposing isn't a total overhaul of monetary policy; rather, it's more of a refocusing of the...

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Biden Wants The Fed To Help Close Racial Economic Gaps. How Would That Work?

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