Biden’s Treasury Equity Committee Vice Chair: ‘Racial Capitalism’ Is The Problem

A new equity committee at the U.S. Department of Treasury is under fire for the controversial views of its Vice Chair Felicia Wong.


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Wong, though, has a history of radical stances, particularly on policing. Wong worked for the Roosevelt Institute, which published a series of radical positions on race and policing.

One Roosevelt report that she co-authored seems to mock people who still believe in a “skills-based” economy.

“Power relationships within a market-based society have changed somewhat over the last century,” the report said. “But they remain entrenched in racialized capitalism and a politics that have yet to fully reckon with those deep roots. Many thus continue to believe in a skills-based, opportunity-focused liberalism that denies the history and present effects of race-based economic stratification. Therefore, our mainstream politics has yet to recognize, prioritize, and make central the reckoning, race equity, and self-determination that a multiracial democracy would require.”

According to the Department of the Treasury, the committee will “address acute disparities for communities of color.”

From the Treasury:

The first-of-its-kind committee will provide advice and recommendations to Secretary Yellen and Deputy Secretary Wally Adeyemo on efforts to advance racial equity in the economy and address acute disparities for communities of color.

Toward that end, the Committee will identify, monitor, and review aspects of the domestic economy that have directly and indirectly resulted in unfavorable conditions for communities of color. The Committee plans to address topics including but not limited to: financial inclusion, access to capital, housing stability, federal supplier diversity, and economic development…

The 25 inaugural members of the Committee come from a wide range of backgrounds including academia, advocacy, financial services, and local government. Members share a common experience with and working knowledge of the implications of economic policy decisions on communities of color, as well as a deep commitment to advancing racial equity.

The issue made waves on Twitter.

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