A Radicalized Federal Reserve is a National Economic Threat

At the Fed’s Board, there’s only one Republican and 45 Democrats in leadership positions.

Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is an investigative journalist and writer focusing on the radical Left and Islamic terrorism.

Earlier this month the Biden administration's nomination of Sarah Bloom Raskin as a top bank regulator fell apart. Raskin, who favored using monetary policy to crush the oil and gas industry while rewarding the subsidized wind and solar boondoggles of politically connected investors, was blocked by Senator Manchin who announced he would not vote for the radical.

“The Federal Reserve Board is not an institution that should politicize its critical decisions. This is a 10-year term to perhaps the most important independent body that is tasked with ensuring the stability of the American economy. At this historic moment for both the United States and the world at large, it is imperative the Federal Reserve Board preserves its independence and steers clear of any hint of partisanship," Manchin stated.

He urged the Fed to focus on fighting inflation instead of pursuing political agendas.

This was the second radical financial nomination the Biden administration had lost after Saule Omarova: a Soviet trained academic who wanted the Federal Reserve to nationalize banking.

These two high-profile defeats don’t appear to have taught the Biden administration anything.

Still waiting in the wings is Lisa Cook’s nomination to the Federal Reserve Board. Cook is unqualified for the position and she’s only being nominated because of her radical racial views.

Cook has promoted police defunding, advocated for slavery reparations, and declared that, “free speech has its limits”. Beyond her abrasive social media presence, Cook’s academic work, such as it is, is oriented toward identity politics and blaming racism for economic disparities.

She's the co-author of a New York Times op-ed titled, "It Was a Mistake for Me to Choose This Field" which falsely claims that, "if economics is hostile to women, it is especially antagonistic to black women". This familiar brand of professional victimhood is the last thing the Fed needs.

Despite all this, Lisa Cook was selected for the board of the Federal Reserve Bank of Chicago. This is part of a larger phenomenon in which local Fed boards have already been politicized.

The involvement of local Fed boards in politics includes the false claim by the New York Fed that America suffers from "systemic racism" and that "economic equality is a critical component for social justice". These are not only economically misguided views, but they're particularly dangerous when advocated by bodies with the power to manipulate...

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