Fox News’ Martha MacCallum hit back against a top Biden adviser Thursday who tried to claim having a black woman serve on the Federal Reserve board of governors would somehow help solve the inflation crisis.
While discussing rising inflation and fears about a worsening economy on “The Story,” White House council of economic advisers Jared Bernstein claimed that having a black woman serve on the Federal Reserve board of governors was advantageous to curtailing inflation.
“We don’t talk about Fed policy on a regular basis like that,” Bernstein said. “We’re really very much dedicated to an independent Federal Reserve. I will state, and underscoring reporting you just did, that the confirmation of the president’s nominees to the Federal Reserve is super important, this is the first and foremost institution fighting inflation. And the fact that we now have a Federal Reserve with Dr. Lisa Cook, the first black woman ever to be on a Federal Reserve board, is I think a key achievement of Bidenomics, trying to make sure that this extremely important global economic institution looks a little bit more like some of the people that it’s representing.”
“I’m sure she’s excellent and well-qualified,” MacCallum responded. “How does the fact that it’s a diversity pick mean that the economy is going to improve? Why is that relevant?”
“Totally fair question. The reason it’s relevant — remember, these are people that are pulling some of the most influential levers in the economy. Now, any time you’re doing that, you have to ask yourself on whose behalf are you pulling those levers? If you’re simply focused on the top reaches of the corporate sector, if you’re simply focused on the stock market and you’re not paying enough attention to communities that have been left behind in this economy, then I would argue that you have a Federal Reserve that is not as representative as it needs to be. That’s what President Biden —” Bernstein said before MacCallum cut him off.
“People would argue that it doesn’t matter what color you are to care about communities at the upper and lower reaches of the economy —” MacCallum said before Bernstein jumped in.
“President Biden would explain to you that it’s extremely important to have a Federal Reserve that looks like all of America.”
“If she’s the most qualified, 100%. Regardless of her skin color either way,” MacCallum said before the pair shifted to other topics. (RELATED: ‘Scientific Malfeasance’: Economists Point Out Flaws In Biden Nominee’s Signature Research)
The Senate narrowly confirmed Cook on Tuesday, with Vice President Kamala Harris breaking the tied vote. Cook was nominated in January to serve on the Board of Governors of the Federal Reserve System.
Critics claim Cook is unqualified and misidentified her economic experience. A senior Republican Senate aide told the Daily Caller News Foundation (DCNF) she is one of the least qualified nominees and her background lacks experience in monetary economics.
Cook has publicly supported economic reparations for black Americans and other “race-specific” financial payments.