The Fed Plays a Huge Role in Perpetuating Racial Disparities. Joe Biden Wants to Fix That.

The Federal Reserve has a huge role to play in racial equality, but it has long perpetuated the income and wealth gaps between Black and white Americans. Joe Biden wants to change that.

Biden’s proposal, unveiled as part of his racial equity economic recovery plan, calls for the Federal Reserve to “aggressively enhance” the way it both measures and targets the racial job, wage, and wealth gaps, something the network of Federal Reserve banks have done only sporadically and without any formal mandate. Biden also wants the Fed to report...