Musk Rebukes White House Over Plans To Choose New Federal Reserve Vice Chair With ‘Diversity’ In Mind

Elon Musk At the remarks of 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 Observed during a Thursday Press briefing That “diversity and representation is really important” President Joe Biden, and 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 the Federal Reserve, resigned recently to be replaced by Brian Deese, senior adviser and director of the 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 spoke to 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 said, “He added 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 second-richest man in the world, as well as other opponents of diversity considerations in hiring processes, external factors such as race or sexual identity cause a decline in overall competence and deprive employers of opportunities to only hire the most qualified candidates. The diversity equity and inclusion movement, also known by DEI, gained more attention. Foothold In the private and public sector after the social justice movement that followed George Floyd’s passing in the spring of 2020.

As the Federal Reserve raises target federal funds rates, there is controversy over Brainard’s replacement. This course of action could lead to a recession, as consumers and businesses borrow more money in an attempt to reduce rising prices. Biden was inaugurated in January 2021 at 1.4%. Inflation reached 6.4% by 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 report by a, the Federal Reserve now has more female, black and gay officials than ever before in its history. Report Source: Associated Press The Biden administration Operates under a “whole-of-government approach to racial equity and support for underserved communities” And Mandatory Last week, members of Cabinet were instructed to create “agency equity teams” To ensure that federal workers are sufficiently diverse.

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