‘Woke’ Federal Reserve in danger of losing control of inflation, economists warn

Former Treasury Secretary Larry Summers’ criticism that the Federal Reserve and other central banks are too focused on “woke” social issues reflects a growing concern that policymakers aren’t paying enough attention to inflation.

Mr. Summers, a Democrat, is arguing his point as Senate Republicans try to prevent congressional Democrats and President Biden from pressuring the Fed to install regional directors who would devote some of their duties to climate change and racial equity. The Republicans describe the move as a dangerous case of “mission creep” from the central bank’s traditional role of ensuring maximum employment and price stability.

All 12 Republicans on the Senate Banking Committee fired a warning shot this month at the Fed’s regional offices in Boston and Dallas, which are seeking new presidents…. (Excerpts from the Washington Times)