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The Fed’s First Black President Is Speaking Out About Economic Inequality

TOPLINE

Atlanta Fed President Raphael Bostic—the first Black president in the history of the central bank—wants policymakers to take action to address inequalities in the economy, he told Bloomberg 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. Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, speaks … [+] KEY FACTS

Bostic, who Bloomberg 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.”Historically, the central bank has drawn criticism for its crisis […]

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