Chair Powell addresses inequality issues

June 11, 2020


During his press conference following the Federal Open Market Committee meeting on June 10, Federal Reserve Chairman Jerome Powell addressed recent events that have put a spotlight on racial injustice. Below is a section of his prepared remarks. The FOMC’s policy statement is available here.

“…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 a 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 that 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.”