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Chair Powell’s Remarks on Racial Equality

6/12/2020

Federal Reserve Chair Jerome Powell addressed current events surrounding racial injustice during a June 10 press conference following the latest Federal Open Market Committee meeting. Chair Powell offered comments on behalf of his colleagues across the Federal Reserve System:

"Finally, I want to acknowledge the tragic events that have again put a spotlight on the pain of racial injustice in this country. 

The Federal Reserve serves the entire nation. We operate in, and are part of, many of the communities across the country where Americans are grappling with and expressing themselves on issues of racial equality. I speak for my colleagues throughout the Federal Reserve System when I say there is no place at the Federal Reserve for racism and there should be no place for it in our society. Everyone deserves the opportunity to participate fully in our society and in our economy.

These principles guide us in all we do, from monetary policy, to our focus on diversity and inclusion in our workplace, and to our work to ensure fair access to credit across the country. We will take this opportunity to renew our steadfast commitment to these principles. 

We understand that the work of the Fed touches communities, families and businesses across the country. Everything we do is in service to our public mission. We are committed to using our full range of tools to support the economy and to help assure that the recovery from this difficult period will be as robust as possible."

Watch his full press conference remarks here.