GOP House Committee Leaders: Treasury Panel to Push Radical Agenda

Republicans push back against creation of advisory committee featuring Hope Credit Union CEO.

Key House Republicans are accusing Treasury Secretary Janet Yellen of pushing a radical left-wing agenda by forming an advisory committee on racial equity.

“The formation of this Advisory Committee will only worsen this Administration’s politicization of the Department of Treasury and distract it from its core responsibilities which include ensuring a level playing field for all Americans,” Reps. Patrick McHenry, R-N.C., ranking Republican on the House Financial Services Committee; and Kevin Brady, R-Texas, ranking GOP member on the House Ways and Means Committee, wrote in a letter to Yellen. They were joined by the ranking Republicans on the committees’ oversight subcommittees.

Yellen recently announced the formation of a Treasury Advisory Committee on Racial Equity and appointed Bill Bynum, CEO of HOPE, which operates the Hope Credit Union, to serve on the panel.

How Will the Committee Work?

Yellen said the panel will provide recommendations on how to advance racial equity in the economy and address disparities for communities of color. The committee’s work will include financial inclusion problems and access to capital and economic development.

Inside the Letter from Republicans

The Republicans singled out the appointment of Felicia Wong, president and CEO of the Roosevelt Institute, a think tank, to be vice chair of the panel.

“In particular, the elevation of Felicia Wong to a leadership role given her past radical and divisive views on issues such as budget cuts to law enforcement deviates from the core trust placed in Treasury to protect the economic well-being of all Americans,” they wrote.

The letter further contained a demand for information about how members of the committee were selected, stating, “At a time when workers’ paychecks are not keeping up with the needs of their families due to record high inflation and Americans of all backgrounds are struggling to make ends meet, Treasury is side-tracked by a misguided agenda that will further entrench inequity by favoring some Americans over others.”

They noted additionally that the advisory committee will meet four times a year, however Treasury Department documents and news reports indicate that the panel will be available to weigh in on other issues.