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Biden proposes Fed focus on closing racial wealth gaps

Biden proposes Fed focus on closing racial wealth gaps

Democratic presidential candidate Joe Biden on Tuesday proposed requiring the Federal Reserve to regularly report on what they are doing to close economic gaps that exist along racial lines in the United States.

  • Reuters
  • Last Updated: July 28, 2020, 8:38 PM IST
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Democratic presidential candidate Joe Biden on Tuesday proposed requiring the Federal Reserve to regularly report on what they are doing to close economic gaps that exist along racial lines in the United States.

“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,” Biden’s campaign said in a policy proposal.

“Biden will work with Congress to amend the Federal Reserve Act to require the Fed to regularly report on current data and trends in racial economic gaps – and what actions the Fed is taking through its monetary and regulatory policies to close these gaps.”

Biden’s election campaign also called on the U.S. central bank to adjust its hiring and employment practices to increase diversity in its leadership. The Democratic candidate’s aides also said he supports efforts by the Fed to create a “real-time” payment system that could ease burdens on low-income people waiting days for paychecks to clear.

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Biden faces Republican President Donald Trump in the Nov. 3 presidential election. His campaign announced the proposals as part of its “Build Back Better” plan to shrink bloated unemployment rolls in the coronavirus-scarred U.S. economy.

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  • First Published: July 28, 2020, 8:38 PM IST
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