A reawakened mandate for the Federal Reserve

President Biden recently promised in these pages not to interfere with the Federal Reserve. Yet last week he approved a House bill that would add racial equity to the Fed’s dual mandate of price stability and full employment. How does the White House reconcile this contradiction?

The House bill passed 215-207 last week with little notice from the media. But it deserves attention because it reveals how the Biden administration and Democrats plan to politicize monetary policy and financial regulation.