, Columnist
Biden's Wrong to Ask the Fed to Target Racial Gaps
The central bank can best help minorities by creating a stronger economy for all.
Socially Distant
Photographer: Mark Makela/Getty Images
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Joe Biden wants to change the way the Federal Reserve is governed for the first time in four decades.
In 1977, Congress set “maximum employment, stable prices and moderate long-term interest rates” as the central bank’s goals. It’s called the dual mandate, since everyone forgets the bit about interest rates.