Top Republican warns Fed chairman Powell against focusing on climate change and race

Pennsylvania Sen. Pat Toomey warned Federal Reserve Chairman Jerome Powell against allowing the central bank to operate outside of its purview during the chairman’s semiannual monetary policy report to the Senate.

“I do think that it’s very important for the Fed to continue focused on the mandate it has and not to seek to broaden that mandate,” Toomey said during his opening remarks. “As noble as the goals might be, issues such as climate change, racial inequality are simply not the purview of our central bank.”

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