Janet Yellen (Treasury Secretary) announced Tuesday that the first members of her department’s Advisory Committee on Racial Equity were elected.
According to a press release, the committee will offer Yellen advice and recommendations on “efforts to advance racial equality within the economy” and “address severe disparities for communities of color” in matters like housing.
Yellen stated, “A critical part of executing the racial equity goals is bringing a wide range of outside perspectives, live experiences, and to join the decision-making table. The Treasury Advisory Committee on Racial Equity consists of members from different backgrounds. It will provide valuable advice and insight to the department’s leadership in support and information for their equity efforts.”
Nutter was skeptical of calls to defund the police, having governed the City of Brotherly Love from 2008 to 2016. Nutter also criticized the “antipolice narrative,” presented by Larry Krasner (current Philadelphia District Attorney), and argued that “police budgets should be reduced” as well as that for-profit prisons should be abolished. This was four years before George Floyd’s passing.
Wong co-authored a paper last spring that said policymakers should “center racism in all decisions.”
The White House adopted a “whole-of-government approach” to climate change, according to President Joe Biden’s speech. This statement was made just days after Biden’s inauguration. Wong acknowledged the administration’s approach but stated that “centering racism equity in a key measure of successful outcomes” would be critical to shifting policy norms and expectations.
Janis Bowdler was also employed by the Treasury Department. She was also responsible for JPMorgan Chase’s $30 billion investment into underserved communities. Yellen stated that the American economy has not been good for communities of color in the past and that her department must play a crucial role in eradicating racial inequality.
Yue Chen, a former official at the New York State Department of Financial Services, was also appointed Chief Climate risk Officer by the Office of the Comptroller of the Currency. This body is responsible for the regulation of national banks and federal savings associations.
Michael Barr, a member of the Federal Reserve Board of Governors stated in a speech that banks are now more concerned about climate change risks to the balance sheets. Our supervision responsibilities as well as our role as promoters of stable and safe financial systems are the main focus of this area of our mandate.