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Biden Urges Diverse Fed to Fight Racial Economic Inequality

July 28, 2020, 10:17 PM

Joe Biden proposed a series of steps Tuesday designed to bridge racial economic gaps in the U.S. and promised he would work toward a more diverse Federal Reserve Board that would help minorities access funds and economic development.

Biden called for an amendment to the Federal Reserve Act that would require the Fed to report on racial economic gaps and what policies the Fed is implementing to close these gaps.

“We’re going to strengthen the Federal Reserve’s focus on racial economic equity,” Biden said in a speech in Wilmington, Delaware. He said the Fed’s existing mandate promotes maximum employment and...

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