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Powell and Mnuchin Agree to Work with a Proposed “Department of Reconciliation” to Deal with Effects of Slavery and Segregation

Courtesy of Pam Martens

Federal Reserve Chair Jerome Powell (left) and Secretary of the Treasury Steve Mnuchin (right) at House Financial Services Committee Hearing, June 30, 2020

Federal Reserve Chair Jerome Powell (left) and Secretary of the Treasury Steve Mnuchin (right) at House Financial Services Committee Hearing, June 30, 2020

By Pam Martens and Russ Martens

Fed Chairman Jerome Powell and Treasury Secretary Steve Mnuchin apparently fear unleashing more angry protesters across the country screaming “no justice, no peace” into an air increasingly filled with COVID-19 droplets, more than they fear Trump Tweeting reprisals against them in the wee hours of the morning. Both Powell and Mnuchin raised their hands yesterday during the House Financial Services Committee hearing to agree to work with a proposed Department of Reconciliation to deal with the country’s history of slavery, segregation and ongoing “invidious discrimination” of people of color.

The hearing had been called by the Chair of the Committee, Maxine Waters, to take testimony on “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.” That topic was frequently framed around questions of racial discrimination and inequality.

Congressman Al Green of Texas

Congressman Al Green of Texas

The raised hands from Powell and Mnuchin came in response to questioning from Congressman Al Green of Texas, a Democrat who can reliably be counted on to ask probing, cogent questions of witnesses that come before the Committee.

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