The Corner

Politics & Policy

The Fed and Racial Equality

Biden says that he wants to add to the Federal Reserve’s mission: It should promote economic equality among races as well as low inflation and unemployment. This idea hasn’t gotten much attention — CNN’s write-up of the speech where Biden unveiled it didn’t mention it. At Bloomberg Opinion, I argue that it would be a mistake to distract the central bank from its basic mission of stabilizing the business cycle.

Ramesh Ponnuru is a senior editor for National Review, a columnist for Bloomberg Opinion, a visiting fellow at the American Enterprise Institute, and a senior fellow at the National Review Institute.

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