Janet Yellen’s Treasury Department prioritizes DEI across all offices.
President Biden’s Treasury Department Prioritizes Diversity, Equity, and Inclusion Initiatives
The Treasury Department under President Joe Biden has made significant investments in diversity, equity, and inclusion initiatives, reshaping the agency’s approach to financial security with a focus on racial equity. This shift was prompted by an executive order from President Biden on his first day in office, directing the federal bureaucracy to embrace a DEI mindset in the execution of American law.
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Treasury Secretary Janet Yellen has taken steps to implement President Biden’s directive by establishing the necessary infrastructure to oversee department-wide initiatives that promote racial consciousness in decision-making processes. To facilitate this, two separate offices have been created: the “Equity Hub,” led by economist Diane Lim, which coordinates efforts to advance equity in all of Treasury’s work, and the counselor for racial equity, Janis Bowdler, who coordinates various offices and workstreams intended to advance equity.
These positions come with significant salaries, with Lim earning up to $203,700 per year and Bowdler making $161,813.
“This administration continues to prioritize woke, political agendas over the needs of American consumers. Treasury Secretary Yellen’s focus on counterproductive, racist programs like DEI is causing Americans to pay more for everyday essentials,” said Will Hild, Executive Director of Consumers’ Research. “Instead of patting herself on the back for introducing racial politics into the agency, the Treasury Secretary should be working towards economic prosperity for all consumers.”
The Equity Hub’s mission statement identifies “underserved communities” as racial minorities, those affected by climate change, and communities still grappling with the consequences of past actions and policies that hindered intergenerational financial security.
In addition to the Equity Hub, the Treasury has established the “Advisory Committee on Racial Equity,” which focuses on addressing perceived racial discrimination against nonwhite individuals in areas such as financial inclusion, capital access, housing stability, federal government supplier diversity, and economic development.
However, critics argue that the push to incorporate DEI ideology into all aspects of Treasury’s work is further entrenching the federal bureaucracy. Caitlin Sutherland, Executive Director of Americans for Public Trust, stated, “Biden’s Treasury Department is prioritizing the entrenchment of radical and divisive policies, wasting taxpayer dollars and disregarding the values held by a majority of Americans.”
Some of the DEI action items implemented during Biden’s first year in office include allocating $8.7 billion to community development financial institutions and minority depository institutions to increase lending to small and minority-owned businesses. Additionally, $2.5 billion from the State Small Business Credit Initiative was directed towards businesses owned by socially and economically disadvantaged individuals, with a focus on groups that have faced racial or ethnic prejudice or bias.
Treasury Secretary Yellen emphasized the department’s commitment to equity, stating, “Treasury will continue to ensure equity is a priority and work with our partners across the Biden-Harris Administration to build a more fair and just economy.”
Janis Bowdler, in her presentation, highlighted the achievements of her office, including the allocation of emergency rental assistance to very low-income households, with 40% going to black households, 20% to Latino households, and nearly 66% to female-headed households. Her office also surpassed goals for awarding contracts and procurement to women and minority-owned businesses, providing $951 million to small disadvantaged businesses.
Bowdler’s office has launched a blog series exploring the origins of racial economic disparities and their implications for the national economy. They have also incorporated racial equity goals into the department’s strategic plan.
However, DEI programs extend beyond monetary allocations and reflect an ideology deeply rooted in academia. It seeks to systematically change mindsets and uses rhetorical tools to realign institutional missions.
Recognizing the significance of this issue, Rep. Jim Banks (R-IN) initiated the Anti-Woke Caucus in the House, aiming to combat wokeness not only in the Treasury Department but in all federal agencies. Banks introduced a bill to defund President Biden’s Furthering Equity Executive Order, emphasizing the need for Republicans to have the opportunity to vote on it in the House.
The Washington Examiner reached out to the Treasury Department for comment, but no response was received.
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