TIAA’s Ferguson, Possible Biden Treasury Pick, Faults Wealth Gap
- Racial, economic divide ‘makes our economy smaller,’ he says
- He plans to step down as president, CEO of TIAA in March
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Roger Ferguson, the chief executive of TIAA and a possible Treasury secretary in the Biden administration, said the U.S economy could be six percent bigger than it is today if policy makers narrowed the country’s wealth gap.
The racial and economic divide “makes our economy smaller,” he said Wednesday during a web event hosted by Youth INC, a non-profit based in New York. “Racism isn’t an African-American problem, it’s not a Black problem -- it’s everyone’s problem.”