Today, a coalition of 22 economic, racial, labor, and environmental justice organizations, along with three independent academics, sent a letter to the White House calling on President Biden to consider four key factors in making his nominations to the Federal Reserve Board of Governors. Read the full letter here.
The organizations call for the next Chair, Vice Chair, and Vice Chair for Supervision to prioritize
- Protecting against recessions
- Combating systemic racism
- Fighting climate change
- Ensuring full employment
“We encourage you to remember that the Fed is a hierarchical institution, in which the Vice Chair and Vice Chair for Supervision wield considerable agenda-setting power, but are ultimately deferential to the Chair’s initiatives. Therefore, for your policies to be successfully implemented, these three leaders must all be aligned behind the same policy vision,” the organizations wrote.