Economics
Toomey Calls Fed’s Climate and Race Research ‘Political’ Mission Creep
- Letter to San Francisco Fed comes after similar one to Powell
- Fed has argued it studies what could pose a risk to economy
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Republican Senator Patrick Toomey said the San Francisco Federal Reserve’s research into topics including climate change and racial justice is “politically charged” and could result in “mission creep” from the independent agency into policy matters usually left to elected officials.
Toomey, the ranking member of the Senate Banking Committee, addressed the letter to San Francisco Fed President Mary Daly, asking for records pertaining to the bank’s seminar on climate economics, racial-justice research and its research and community development expenses from the last 10 years. The San Francisco Fed said it had received the letter and looked forward to discussing the contents with Toomey’s office.