(Headline USA) The Treasury Department has hired a former JPMorgan Chase executive to head a new government program aimed at combatting racial inequality issues in banking and other financial-services industries.
Treasury Secretary Janet Yellen said Monday that Janis Bowdler will be the department’s first counselor for racial equity, part of a multi-pronged strategy by the Biden administration to deal with so-called systemic racism found in many parts of the economy.
Before her Treasury Department appointment, Bowdler was president of the JPMorgan Chase & Co. Foundation, the arm of JPMorgan Chase that tries to target investments into underserved neighborhoods and communities. She also worked at the National Council of La Raza, an advocacy organization for Latino issues.
The move, and its use of dog-whistle quasi-Marxist language signals yet another indication that Yellen may be seeking to socialize the banking industry altogether.
In a position that normally invokes little public interest or controversy, the radical leftist Cabinet secretary has already aroused considerable alarm for appointing dedicated Marxist Saule Omarova to the position of U.S. controller of the currency.
Yellen also has come under fire for pushing a plan to spy on all Americans with transactions of $600 or more in their bank accounts—a number the Biden administration later raised to $10,000 but with very much the same practical implications.
“Systemic racism,” meanwhile, is a term that applies Marxist theories of class conflict super-imposed over the prism of racial injustices. It has been criticized for being racist itself in the suggestion that blacks and minorities are inherently inferior.
Radical leftists claim, without evidence, that banking and finance have long had issues with racial inequity, from the lack of representation at the highest levels of companies to ongoing issues of getting equal access to services for non-white borrowers.
“Treasury must play a central role in ensuring that as our economy recovers from the pandemic, it recovers in a way that addresses the inequalities that existed long before anyone was infected with COVID-19,” Yellen said in a statement.
Last week the Justice Department announced a new coordinated plan with the Consumer Financial Protection Bureau and the Comptroller of the Currency to investigate and prosecute redlining, the historic practice where blacks and other minorities were denied access to financing.
The move—which also is being supported by the Justice Department and radical anti-parent Attorney General Merrick Garland—appears to be part of a broader war on suburban America. Leftists are now pushing made-up concepts such as “housing justice,” to suggest that people should not have the right to isolate themselves in affluent, safe neighborhoods while others suffer in more dangerous, lower-income areas.
Adapted from reporting by the Associated Press