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Racial Quotas on the Federal Reserve — I Love It!

Written by Gary North on May 14, 2016

America is a racial/gender quota society. It has been for half a century.

Any organization — except for churches (so far) — whose leadership does not reflect the racial and gender distribution is suspect. In fact, it may be in violation of federal law.

Well, it turns out that the Federal Reserve System does not reflect the racial makeup of the United States. It also does not reflect the 50-50 distribution of gender. Something must be done! That is the opinion of 11 U.S. Senators and 116 members of Congress — all Democrats.

So, they got together to write a polite but forceful letter of protest to Janet Yellen. They said she needs to do something.

But what? And how? You see, our intrepid watchdogs of racial and gender diversity seem blissfully unaware that Dr. Yellen has no authority over the regional banks that make up the Federal Reserve System. She is a member of the Board of Governors. It is an agency of the U.S. government. Its website has the suffix .gov. But the regional banks have the suffix .org. You know — as in “nonprofit.” They are in no way under the authority of Ms. Yellen and the Board of Governors.

It really does appear that members of Congress are unaware of this. Well, most people are.

Instead of recommending to Ms. Yellen that she do something, the letter-signers should have sent their outraged letter to the EEOC: the Equal Employment Opportunities Commission. That is the watchdog agency that imposes negative sanctions on institutions that are in violation of its guidelines.

Why didn’t they do that? Because they know who is in charge. It’s not the EEOC. It’s not the federal government. The FED is in charge.

Not on paper, of course. I mean operationally.

This is why our team of concerned Congresspeople were so, so — humble.

They began:

(For the rest of my article, click the link.)

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