Senator Toomey questions Fed tackling climate risk, racial inequality

[Eugene]

Source: Reuters

U.S. MARKETS
MARCH 29, 2021 1:27 PM UPDATED AN HOUR AGO

Senator Toomey questions Fed tackling climate risk, racial inequality

By Ann Saphir
3 MIN READ

SAN FRANCISCO (Reuters) - Republican Senator Pat Toomey on Monday opened an inquiry into “mission creep” at the U.S. central bank’s 12 regional outposts, beginning with a letter demanding information on the Federal Reserve Bank of San Francisco’s research into climate economics.

“A sizable portion of FRBSF research appears to be focused on how matters unrelated to monetary policy impact narrow subgroups of people,” Toomey wrote in a letter to San Francisco Fed chief Mary Daly, which he released publicly along with a statement announcing the start of a broader review.

Toomey demanded a briefing from the bank’s policy advisor and documents relating to its climate research agenda and spending “in light of the FRBSF’s seemingly sudden and alarming inclusion of social research that risks being of a bitterly partisan nature.”

Over the last few years, the Fed has ramped up research into climate change, racial inequality and other topics traditionally seen as outside of the central bank’s purview.

Fed policymakers have repeatedly defended their research into income inequality, climate change and other topics, saying it is critical to their ability to understand the economy, conduct appropriate monetary policy, and ensure the safety and soundness of the banking system.

-snip-

Read more: https://www.reuters.com/article/us-usa-fed-toomey/senator-toomey-questions-fed-tackling-climate-risk-racial-inequality-idUSKBN2BL2G6

[MyOwnPeace]

1. Patty just wants to be sure

that the Fed is stripped of any power before he takes he Wall Street cushion job after he's done screwing us over in 2022.
I wouldn't trust him any farther than I could throw a potato chip....

[abqtommy]

2. +100 I'm with ya on this one!