Racism is a danger to the economy, says the president of the Atlanta Federal Reserve Bank. 'By limiting economic and educational opportunities for a large number of Americans, institutionalized racism constrains this country's economic potential.'
As the first African American to become president of a Federal Reserve bank, Bostic sees his leadership role as less of a burden and more of a"joy and satisfaction," knowing that his work at a high-level position"is really changing how people think about what's possible."Home ownership, obviously, is one of the surest ways to gain wealth.
I do want to ask about this rule that the Trump administration is trying to move forward with, and it would basically be a rule that would make it harder to file discrimination cases with the Fair Housing Authority. Even lenders like Bank of America are opposed to this change. What do you think about this rule that the Trump administration is pushing?
I was pleased to see that the banking institutions and some pretty major organizations like the National Association of Realtors all have the same view. And I'm hopeful that even if this rule does go through, that they will continue to manage their business and activities in a way that's consistent with trying to stamp out fair housing violations wherever they occur.
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