Thread by @DianeSwonk

This is the tweet that @SteveMatthews12 highlights Fed’s commitment to talking ab inequality in a different way.

https://twitter.com/SteveMatthews12/status/1274091168524046336

I will start with my one of my first experiences briefing the @federalreserve board. I was on a task force in Chicago. There was a revelation about the loyalty and productivity of former welfare recipients. They outperformed union workers when given targeted support.

They were such a threat to the rank and file workers that their jobs were eliminated when it came to the next round of union negotiations. It was a very sad situation and hit poor black people in Chicago particularly hard.

I told of the success and Alice Rivlin came over to follow up when I was done. She was a force of nature - I admired her, then I was privileged to call her a friend. She was Vice Chair at her Fed at the time.

There have been other cases where the quality of jobs generated have made it into the speeches of Fed Governors and Presidents. A lack of wage gains also a focus and regional Fed’s on front lines of more equitable development t. But big happened during #Fedlistens events in 2018.

Many academics wrote off the panels w community development leaders and their stories what they were saying about full employment or lack thereof. The press and the leadership of the Fed didn’t. Those were the sessions that had the most impact. Powell talked openly ab being moved

Then there was the Jackson Hole meeting where for the first time there was an all female panel presenting. Esther George who has always promoted women also raised the profile of minorities. I don’t know if the men in the room realized the shift, but I felt it to my core.

I spent a lot of time w Fed presidents as well who were actually comparing notes on how to move the needle on race and gender. The regional Fed’s have refocused much of their research to identifying inequality and leveling the playing field.

My heart warmed when the @ChicagoFed moved quickly to dismiss an advisor who posted racist posts from his blog and twitter account at @UChicago.

Fed has come a long way from the meeting in Jackson Hole where a presenter referred to women as mere breeders. Oh, I said something.

They still have a long way to go but they also have a key role to play in identifying systemic bias and leveling the debate on the economy to include more voices.

The have shown courage amidst this crisis and for that I am thankful. Special kudos to @RaphaelBostic for writing ab being a black man on the @AtlantaFed blog and @marydalyecon for her openess and need for inclusion on @sffed site.

Check out @neelkashkari and the @MinneapolisFed on their research on inequality. @NewYorkFed has also done incredible work examining debt & pandemics. The Federal Reserve is a self funding agency. No, your taxes don’t pay for it but it does have to work for the whole population.

Their tools are blunt and can benefit the rich more than the poor. Now, they not only acknowledge that, they are trying to level the playing field by forcing us to look in a mirror and see our own reflection. It isn’t pretty.