Musk Rebukes White House Over Plans To Choose New Federal Reserve Vice Chair Based on “Diversity”

Elon Musk Remarks from the Biden administration that diversity would play an important role in the appointment of the next vice chair of the Federal Reserve.

White House Press Secretary Karine Jean-Pierre During a Thursday Press briefing That “diversity and representation is really important” President Joe Biden confirmed that he would “look at a highly diverse group of world-class economists” He did the same for previous nominations at central bank. The bank is currently looking to handle record. Inflationary pressures. Lael brainard, Vice Chair of Federal Reserve, has resigned to become senior advisor Brian Deese’s director of National Economic Council.

“The Cabinet is a majority of people of color for the first time in history. The Cabinet is … majority female for the first time in history. A majority of White House senior staff identify as female,” Jean-Pierre shared his thoughts with reporters. “Forty percent of White House senior staff identify as part of racially diverse communities. And a record seven assistants to the Presidents are openly LGBTQ+. So, again, this is something that the President prides himself on, that he actually has taken action to show the diversity of this administration.”

Musk, chief executive at Tesla, SpaceX and Twitter. Comment On social media, the nomination decision was made for the next Federal Reserve vice chairman “affects the lives of everyone.” He also said that “maximum skill with monetary policy is extremely important in this role.”

This role requires a high level of skill in monetary policy.

Everybody’s life is affected by a bad Fed decision.

— Elon Musk (@elonmusk) February 23, 2023

According to the world’s second-richest man, and other critics of diversity considerations when hiring people, weighing external factors like racial or gender identity can lead to a decrease in overall competence. This is because efforts to hire only the best candidates are not prioritized. The diversity, equity and inclusion movement (also known as DEI) gained a wider audience. foothold In the public and private sector after the social justice movement that followed George Floyd’s passing in the spring of 2020.

The Federal Reserve is raising target federal funds rate, which could cause a recession. As borrowing costs for consumers and businesses rise, the Federal Reserve is causing controversy about Brainard’s replacement. When Biden took office in January 2021, inflation was at 1.4%. It reached 6.4% in January 2023. According to the National Bureau of Statistics, real wages have fallen 1.5% between January 2022-January 2023. Data From the Bureau of Labor Statistics.

According to a survey, there are more female, African, and homosexual Federal Reserve officials now than ever before. Report From the Associated Press. The Biden administration Operates under a “whole-of-government approach to racial equity and support for underserved communities” Mandatory Last week, Cabinet members were required to create “agency equity teams” To ensure sufficient diversity in federal workforces.

Biden stated several times that he would base his nomination decisions on the race of the appointees.

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