Democratic California Rep. Maxine Waters pestered Federal Reserve Chairman Jerome Powell during a Wednesday hearing to tout the importance of “diversity and inclusion” in the economy.
The federal government and other institutions have ended or rolled back diversity initiatives involving race following a series of lawsuits alleging they are discriminatory. Waters, during a House Financial Services Committee hearing on the Fed’s monetary policy, coaxed Powell into backing diversity in all sectors of the economy.
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Maxine Waters Badgers Fed Chair Into Praising ‘Diversity And Inclusion’ In Congressional Hearing pic.twitter.com/SHXwd8ADPi
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“Are you familiar with an effort in the country to get rid of diversity and inclusion?” Waters asked.
“I see these things mentioned, but honestly, we’re pretty focused on our task, which is maximum employment, price stability. We are strong supporters of diversity at the Fed, as you know,” Powell responded.
Waters asked Powell if he knew she had established a “subcommittee on diversity and employment” in the House Financial Services Committee, with Powell answering affirmatively.
“Do you think that getting rid of diversity and inclusion interferes with your ability to really realize the mandate of maximum employment?” Waters followed up.
“I’ve spent most of my career in the private sector. What I observed was really successful institutions in the United States, companies, organizations generally, are those that do a really good job on diversity and get the best out of people and attract a broad, diverse range of talents to the table and people feel comfortable speaking. So that’s the way we feel about it at the Fed. And that’s what we’ve been doing and will continue to do,” Powell said.
Waters then asked Powell if “diversity and inclusion” initiatives had decreased unemployment in the country.
Powell did not directly answer, but said he believes “diversity and inclusion” initiatives are “generally progress.”
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