Republican senator lobbies regional federal banks over race-related work

A Republican senator sent letters to three regional leaders of the Federal Reserve Bank on Sunday seeking information about their recent work on racial economic equality, which he sees as politicized activity at odds with the central bank’s mandate .

Senator Pat Toomey (R., Pa.) Has written to the heads of Federal Reserve Banks in Atlanta, Boston and Minneapolis. The latest letters follow one sent in March to the San Francisco Fed on its climate change and social orientation, which it also found to be at odds with the central bank’s mission.

Much like the letter from San Francisco, the senator wrote to the three banks about their work on what he called “politically charged social causes”, which he considered “totally independent of the Federal Reserve’s statutory mandate.”

Mr Toomey, the leading member of the Senate Banking Committee, told banks that some of their recent work on racial issues suffers from serious prejudice and added: “All of the recommended policy prescriptions to address the alleged ubiquity of the racism demanded more intrusive action. and an expansive government.

Two of the three banks receiving letters from the senator have non-white leaders, a rarity in a central bank whose highest ranks over the years have been largely populated by white men.


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