The "Woke" Fed

Powell has been pushing for the Fed to join other central banks in fighting climate change.

Among the ways the Fed could try to mitigate the risks related to climate change is by using its regulatory authority to "Encourage" banks to lend to "Green" businesses and deny capital to "Polluters." The Fed could also use "Quantitative easing" to give green industries an advantage over their non-green competitors.

Another way the Fed could "Fight climate change" is by committing to monetizing all federal debt created by legislation implementing the Green New Deal.

Climate change is not the only area where the Fed is embracing the agenda of the "Woke." Some Federal Reserve Banks have taken the lead in a series of events called "Racism and the Economy" that are concerned with dismantling "Systemic racism." The Fed's commitment to ending systemic racism could lead the central bank to requiring that banks and other financial institutions further relax their lending standards for minorities.

The Fed may court favor with the Biden administration and its congressional allies by going woke.

A complete Federal Reserve audit will provide to Congress and the American people the truth about the Fed's conduct of monetary policy, including how politics affects the Fed's actions.

The use of the woke agenda as an excuse to further politicize the allocation of capital and continue to expand the Fed's easy money, low interest rate policy will hasten and deepen the next economic crisis.
 

https://mises.org/power-market/woke-fed