U.S. economy is under “systemic racism” according to the president of the Federal Reserve Bank of Dallas. He passed this statement by agreeing with the stance of his Atlanta counterpart on Sunday.
CEO Robert Kaplan, of the Federal Reserve Bank of Dallas has served as the president since 2015, made the comments during an appearance on CBS’ “Face the Nation.”
To answer a question asked by host Margaret Brennan whether he agreed with Atlanta Federal Reserve Bank President Raphael Bostic’s quote “Systemic racism is a yoke that drags on the American economy”. He made these comments about U.S economy last week. Furthermore, he added the U.S. has a “moral and economic imperative to end these unjust and destructive practices,” Kaplan told reporter that he has the same understanding as of Raphael and he agree with him.
We’ll grow faster if we have more inclusive economy where everyone has opportunity. This idea mean faster workforce growth, faster productivity growth. It’s our right to focus on this and we can bore in on this. Kaplan further told.
The ratio of black and Hispanic unemployment had been steadily declining in recent years according to Kaplan although, as a result of the coronavirus pandemic these minority groups have taken a “step back”.
To add more, Kaplan said, it’s in the interests of the U.S. as the fastest-growing demographic groups in this country are blacks and Hispanics people, and if they don’t participate equally, then our growth will slow down more.
A black man George Floyd, who died in the custody of a white Minneapolis became the reason of nationwide civil unrest and Kaplan made these comments amid this protest. Racism reignited conversations in the U.S after Floyd’s death and also provoked protests in different states of U.S.